Thrissur: The Enforcement Directorate (ED) has attached assets worth Rs 305.84 crore of a leading jewellery group in Kerala. The authority attached assets of Joy Alukkas Verghese. Joy Alukkas Verghese is the owner of Joyalukkas,a leading jewellery group. ED took this action in a case related to alleged Foreign exchange violations.
The attachment was made under section 37A of Foreign Exchange Management Act (FEMA) ED ED took this act for violation of 4 of the Act. The ED had earlier conducted searches at five premises of Joy Alukkas group.
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‘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),’ said ED in a statement. The total value of these assets is Rs 305 crore.
‘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,’ the ED said in the statement.
ED conducted searches and attached various movable and immovable assets worth Rs. 305.84 Crore of Joy Alukkas Verghese, Chairman of Joy Alukkas India Pvt Ltd in a case relating to hawala under FEMA, 1999.
— ED (@dir_ed) February 24, 2023
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