ED attaches over ₹305 crore worth of assets of Joyalukkas jewellery group on hawala charges
The HinduThe Enforcement Directorate on Friday said it has attached assets worth more than ₹305 crore of Joy Alukkas Verghese, the owner of prominent Kerala-based jewellery group Joyalukkas, in a FEMA case linked to alleged transfer of "huge cash" to Dubai by the company through hawala channels. "The attached assets include 33 immovable properties consisting of land and residential building in Shobha City, Thrissur, three bank accounts, three fixed deposits worth ₹5.58 crore and shares of Joyalukkas India Pvt Ltd," the ED said in a statement. 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% owned company of Joy Alukkas Verghese," the ED said. It alleged Mr. Varghese was the "beneficial owner" of the funds invested in Joyalukkas Jewellery LLC, Dubai.
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