Direct selling firm Amway's India Chairman and CEO William S Pinckney, an American national, and two company directors, arrested in connection with three cases of alleged fraud, have been remanded to 14 days judicial custody by a local court at Kalpetta in Kerala.
Pinckney and directors Sanjay Malhotra and Anshu Budhraja were arrested by the Wayanad Crime Branch (Economic Offences) wing from Kozhikode yesterday in connection with three fraud cases registered in Wayanad district.
Kalpetta Judicial First Class Magistrate N Ravishankar last night remanded them for 14 days.
They were booked under the Prize Chits and Money Circulation Schemes (Banning) Act based on complaints filed by two persons in 2011.
The Crime Branch (Economic Offences wing) had last year conducted searches at the Amway offices at Thrissur,Kozhikode and Kannur districts as part of its crackdown on money chain activities.
Amway, for its part, said it was cooperating with the investigations of the Kerala Police CB-CID further to the complaint filed in 2012 and Pinckney, Budhraja and Sanjay Malhotra have always been present to answer any queries of the police.
"With respect to the Wayanad case of 2011 for which it is believed that arrest warrants have been issued, the company or its officials have not been issued any summons to join the investigation nor was any information sought".
"In this respect, the company management would have been happy to cooperate with the Wayanad Police in that matter as well, as we always have as a law abiding corporate citizen, following all laid down laws of the land," it said.
The Wayanad Police had received four complaints against the firm.
Although the three executives had obtained anticipatory bail in one case filed by Vishalakshi, for which they appeared for questioning, they were arrested on the basis of three complaints filed at another police station in the district.
The three complainants Jafar, T Ashraf and P Hareendran had alleged that in 2002 Amway India attempted to collect money from them with the intention to deceive them by involving them in a money-chain scheme.
Vishalakshi alleged in her complaint that Amway agents collected Rs.3.5 lakh from her for products sold by the companies and asked her to add more members to the chain.
As she could not add more members, she sought a refund but the agents refused.
Following her complaint, last year, the Economic Offences Wing of CB-CID arrested Raj Kumar, who was in-charge of Amway's Kerala operations, and seized products worth Rs 17 lakh.
IMF Sees Greater Role for India in the Indo-Pacific
At the same time, the IMF believes there is scope to do more on trade reform in India.
WASHINGTON D.C. (United States): The International Monetary Fund (IMF) has said India’s role in the development of the Indo-Pacific region will continue to expand because of its robust growth.
Deputy Director of Asia and Pacific Department in the IMF, Ken Kang said in a news conference in Washington that India’s growth is rising to 7.8% in 2019 from 7.4% in 2017-2018 and there is room to increase its export orientation and to reduce further barriers.
Answering a question on the role India can play in the development and growth of the Indo-Pacific region, Kang, said there is scope to do more on trade reform.
He said the statutory tariff rate in India is relatively high at about 15% and higher than those in the rest of the region.
The IMF in the latest World Economic Outlook (WEO) has projected India to grow at 7.4% in 2018 and 7.8% in 2019.
China is expected to grow respectively at 6.6% and 6.4% in the two years.
Delhi Police Busts Bitcoin-Virtual Currency Racket
The accused have cheated thousands of people through their online portal.
NEW DELHI: The Special Cell of Delhi Police on Saturday busted a Bitcoin-virtual currency racket and arrested two people for allegedly duping people.
They allegedly launched a fraudulent scheme on the pretext of high returns on bitcoin investment.
As per the information, the accused have cheated thousands of people through their online portal.
Under their scheme, the returns to the tune of 12 percent in a month were offered. They also offered a monthly payout and referral income for the persons on the top line.
RBI Revises its KYC Guidelines
This will be subject to the final decision of the Supreme Court on making of Aadhaar mandatory.
MUMBAI (Maharashtra): The Reserve Bank of India has revised its “Know Your Customer” or the KYC guidelines.
It said the KYC norms have been revised following the government’s decision to update the ‘Prevention of Money Laundering’ rules in June last year.
In a circular issued in Mumbai, the RBI made linking of national biometric ID Aadhaar to bank accounts mandatory.
However, it said this will be subject to the final decision of the Supreme Court on making of Aadhaar mandatory.
Till now, an Officially Valid Document for address proof together with Permanent Account Number issued by the Income Tax department and a recent passport size photograph were the key KYC documents.
But in the amended Customer Due Diligence procedure, the Aadhaar number, the PAN or Form No. 60 need to be obtained from an individual who is eligible for applying for the biometric ID.
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