Amway CMD, two directors held over fraud

Amway India chairman and managing director William S Pinckney and two directors of the direct selling firm were arrested on Monday and charged with cheating and violation of laws dealing with chit funds.

Pinckney, a US citizen, and the directors — Sanjay Malhotra and Anshu Budhraja — were arrested at the CB-CID office when they appeared for questioning. The accused have been charged under section 420 of Indian Penal Code (cheating) along with sections dealing with chit funds and the Prize Chits and Money Circulation Schemes (Banning) Act, 1978.

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