Network marketing firm Amway's India Chairman and CEO William S Pinckney and two company directors have been remanded to 14 days judicial custody by a local court at Kalpetta.
Pinckney and directors Sanjay Malhotra and Anshu Budhraja were arrested by the Wayanad Crime Branch (Economic Offences) wing from Kozhikode on Monday in connection with three fraud cases registered in Wayanad district.
Kalpetta Judicial First Class Magistrate N Ravishankar on Monday 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.
Last year the Crime Branch (Economic Offences wing) had conducted searches at the Amway offices at Thrissur, Kozhikode and Kannur districts as part of its crackdown on money chain activities.
The company's godowns in these centres were also closed and goods seized.
Image: Amway's India Chairman and CEO William S Pinckney ' Photograph, courtesy: Business Standard