ED attaches Rs 305-cr assets of Joyalukkas

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

The ED alleged Allukas Varghese Joy was the "beneficial owner" of the funds invested in Joyalukkas Jewellery LLC, Dubai. (Source: www.joyalukkas.in)

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The Directorate of Enforcement (ED) has attached assets worth Rs 305.84 crore of Joy Alukkas Verghese, the owner of Kerala-based jewellery group Joyalukkas, in a case related to alleged Forex violations.

The ED claimed the attachment was made under section 37A of FEMA, 1999, for violation of Section 4 of the Act.

“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 a statement.

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The attached assets include 33 immovable properties (value Rs 81.54 crore) consisting of land and residential building in Shobha City, Thrissur , three bank accounts (value Rs 91.22 lakh), three fixed deposits (Rs 5.58 crore) and shares of Joy Alukkas India Pvt Ltd (Rs 217.81 crore).

The ED had earlier conducted searches on Wednesday at five premises of Joy Alukkas group, including the office of the company and residential premises of the director of the company.

Meanwhile, as per a report by Reuters, Joyalukkas has withdrawn its 23 billion rupee ($277.95 million) initial public offering (IPO), a document on the market regulator’s website showed on Tuesday. The reason for the withdrawal was not immediately clear. Joyalukkas did not immediately respond to Reuters’ request for comment.

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