Amway Top Officials Got Bail

Published on: 29 May, 2013
Published under: General Kerala News, Kerala Business News

28 May 2013
Thiruvananthapuram

Bail has been granted to the three top officials of Amway India , including Amway India managing director and CEO William S Pinckney. They were remanded to 14 days custody by the chief judicial magistrate court in Wayanad in Kerala on Monday, under a 2011 complaint that accused the company of running a pyramid-type operation and selling overpriced products to customers. The court granted bail on Tuesday afternoon.

The arrests were made on the basis of three cases registered against the company in Wayanad in 2011. The main charge against Amway India is that its operations have violated the Prize Chits and Money Circulation Schemes (Banning) Act of 1978, a law primarily aimed at ponzi schemes that involve taking public deposits and offering promised returns.

Amway said in a statement it was shocked at the “sudden and unwarranted” detention of its officials, especially when they were fully cooperating in the investigations.”This has repeatedly been a challenge not only in Kerala, but elsewhere across India, for the direct selling industry,” Amway said, adding that the sector has been seeking an amendment to the PCMCS law on grounds its business model involves the sale of products and does not involve taking deposits or makes promises of financial returns.

“Such rash action serves little purpose but to tarnish the image of India as an investment destination,” the firm said.

Source– http://economictimes.indiatimes.com/news/politics-and-nation/amway-india-chairman-william-s-pinckney-two-directors-granted-bail/articleshow/20314744.cms

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