The Enforcement Directorate (ED), which raided multiple premises linked to Kerala-based jewellery group Joyalukkas, on February 24 said it has attached assets worth over Rs 305 crore on hawala charges.
The attached assets belong to Joy Alukkas Verghese, the owner of Joyalukkas, the ED said in a statement. The action was taken in a FEMA (Foreign Exchange Management Act) case, linked to the alleged transfer of "huge cash" to Dubai by the company through hawala channels.
The federal probe agency had carried out searches at multiple premises of the Thrissur-headquartered group on February 22.
"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 said.
The case pertains to "huge amount of cash transferred to Dubai from India through hawala (illegal money transfer) channels and subsequently invested in Joyalukkas Jewellery LLC, Dubai which is 100 percent owned company of Joy Alukkas Verghese," the ED said.
It said evidence gathered during the searches -- official documents and mails -- "clearly proved" active involvement of Joy Alukkas in hawala transactions.
It alleged Varghese was the "beneficial owner" of the funds invested in Joyalukkas Jewellery LLC, Dubai.
The ED action comes shortly after Joyalukkas deferred its Rs 2,300 crore initial public offering (IPO) planned for this year, citing poor market conditions and "several small factors".
“We have shelved the IPO because of several small factors. We feel the market conditions are not that favourable. Besides, we have done better in the last one year and our numbers have improved. We also are in the process of shifting some offices in India,” Joy told Moneycontrol on February 22. “We can’t comment on the IPO amount now. We would like it to happen in FY24,” he added.
With PTI inputs
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