The Enforcement Directorate has attached assets worth Rs 305.84 crore belonging to the Kerala-based jewellery group, Joyalukkas, in a FEMA proceeding linked to alleged violations pertaining to the transfer of cash abroad.
The FEMA proceeding stems from the allegation that a huge amount of cash was transferred from India to Dubai, the United Arab Emirates, through illegal hawala channels, which was subsequently invested in Joyalukkas Jewellery LLC, Dubai, ED officials claimed.
The Joyalukkas Jewellery LLC, Dubai, is an allegedly 100 per cent-owned firm of Joy Alukkas Varghese, the chairman of the Joy Alukkas India Pvt Ltd, ED sources said. The jewellery group has its presence across India, including in Mumbai.
The attached assets include includes immovable properties worth Rs 81 crore
According to ED sources, the attached assets included 33 immovable properties estimated to be worth around Rs 81.54 crore, which consist of land plots and a residential building at Shobha City, Thrissur, Kerala, three bank accounts (having a value of Rs 91.22 lakh), three fixed deposits having the combined value of Rs 5.58 crore and the shares of Joy Alukkas India Pvt Ltd, valued at Rs 217.81 crore.
ED conducted searches on February 22
The agency had earlier conducted searches on February 22 this year at five premises of the Joy Alukkas group, including the office of Joy Alukkas India Pvt Ltd and the residential premises of the director of the company, according to the ED.
“The evidence gathered during the search operations, from their official documents, mails and staff, clearly proved the active involvement of Mr Joy Alukkas in hawala transactions,” the ED alleged.
The alleged “funds were subsequently invested in Joy Alukkas Jewellery LLC, Dubai, which is a 100% owned company of Joy Alukkas Verghese, thus making him the beneficial owner of illegally- transferred money and thus liable for action under Section 37A of FEMA, 1999,” an ED official claimed.
