The 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 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 ₹81.54 crore) consisting of land and residential building in Shobha City, Thrissur, three bank accounts (having deposits of ₹91.22 lakh), three fixed deposits worth ₹5.58 crore and shares of Joyalukkas India Pvt Ltd (valued at ₹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 ₹305.84 crore, it said.
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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 per cent owned company of Joy Alukkas Verghese," the ED said.
{{/usCountry}}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 per cent owned company of Joy Alukkas Verghese," the ED said.
{{/usCountry}}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.