ED attaches over Rs 305 crore worth of assets of Joyalukkas jewellery group on hawala charges

Mangalore Today News Network

New Delhi, Feb 24, 2023: The Enforcement Directorate (ED) has attached assets worth more than Rs 305 crore of Joy Alukkas Verghese, the owner of Kerala-based jewellery group Joyalukkas, in a FEMA case linked to alleged transfer of “huge cash” to Dubai by the company through hawala channels, news agency PTI reported.

 

The probe agency had on February 22 carried out searches at multiple premises of the prominent Thrissur-headquartered jewellery group.

The attached assets include 33 immovable properties (valued at Rs 81.54 crore) consisting of land and residential building in Shobha City, Thrissur, three bank accounts (having deposits of Rs 91.22 lakh), three fixed deposits worth Rs 5.58 crore and shares of Joyalukkas India Pvt Ltd (valued at Rs 217.81 crore), the ED said in a statement.

The total value of these assets, attached under section 37A of the Foreign Exchange Management Act (FEMA), is Rs 305.84 crore, it added.

As per the federal probe agency, the case pertains to “huge amount of cash transferred to Dubai from India through hawala channels and subsequently invested in Joyalukkas Jewellery LLC, Dubai which is 100 per cent owned company of Joy Alukkas Verghese.”

It said that the official documents and mails collected during the searches “clearly proved” active involvement of Joy Alukkas in hawala transactions.

The ED has also alleged that Verghese was the “beneficial owner” of the funds invested in Joyalukkas Jewellery LLC, Dubai.

Courtesy: Indian Express