ED attaches over Rs 305 crore value of belongings of Joyalukkas jewelry group on hawala prices
By PTI
NEW DELHI: The Enforcement Directorate on Friday mentioned it has connected belongings value greater than Rs 305 crore of Joy Alukkas Verghese, the proprietor of outstanding Kerala-based jewelry group Joyalukkas, in a FEMA case linked to alleged switch of “huge cash” to Dubai by the corporate by means of hawala channels.
The federal probe company had carried out searches at a number of 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 mentioned in a press release.
The complete worth of those belongings, connected beneath part 37A of the Foreign Exchange Management Act (FEMA), is Rs 305.84 crore, it mentioned.
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 mentioned.
It mentioned proof gathered throughout the searches — official paperwork and mails — “clearly proved” energetic involvement of Joy Alukkas in hawala transactions.
It alleged Varghese was the “beneficial owner” of the funds invested in Joyalukkas Jewellery LLC, Dubai.
NEW DELHI: The Enforcement Directorate on Friday mentioned it has connected belongings value greater than Rs 305 crore of Joy Alukkas Verghese, the proprietor of outstanding Kerala-based jewelry group Joyalukkas, in a FEMA case linked to alleged switch of “huge cash” to Dubai by the corporate by means of hawala channels.
The federal probe company had carried out searches at a number of 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 mentioned in a press release.
The complete worth of those belongings, connected beneath part 37A of the Foreign Exchange Management Act (FEMA), is Rs 305.84 crore, it mentioned.
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 mentioned.
It mentioned proof gathered throughout the searches — official paperwork and mails — “clearly proved” energetic involvement of Joy Alukkas in hawala transactions.
It alleged Varghese was the “beneficial owner” of the funds invested in Joyalukkas Jewellery LLC, Dubai.
