Monday, 2 May 2022
'MLM' to be banned as money laundering in India? Robert FitzPatrick examines the powerful new case against 'Amway' in India.
An interesting read on David Brear’s blog written by Robert L FitzPatrick, the author of Ponzinomics reveals that India’s Enforcement Directorate (ED) is a federal Financial Crimes agency in India. As such, in the case against Amway India, the financial regulators in India have charged the Amway Corporation with a financial crime: running a $7 billion “money laundering” scam. Amway’s “multi-level marketing” enterprise is described as “pyramid fraud in the guise of direct selling.”
You can read all the details here:
The eyes are on India to see how this case against Amway develops, but also to the USA and U.K. to see of financial crime authorities in those countries will follow suit and start investigating MLMs from a financial crimes point of view, rather than business conduct or consumer protection.