This action has been taken in the matter of Foreign Exchange Management Act (FEMA) for allegedly transferring huge cash to Dubai through hawala by the company.

New Delhi:

The Enforcement Directorate (ED) on Friday said it has attached assets worth over Rs 305 crore belonging to Joy Alukkas Varghese, owner of Kerala-based jewelery group Joylukkas.

This action has been taken in the matter of Foreign Exchange Management Act (FEMA) for allegedly transferring huge cash to Dubai through hawala by the company.

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

"The attached properties include 33 immovable properties (worth Rs 81.54 crore), including land and residential building at Shobha City, Thrissur, three bank accounts (with deposits of Rs 91.22 lakh), Rs 5.58 crore," the ED said in a statement. Three Fixed Deposits of Rs. and shares of Joylukkas India Private Limited (worth Rs. 217.81 crore) are included.

The total value of these properties attached under Section 37A of FEMA is Rs 305.84 crore.

The ED said the case pertains to transfer of huge amount of cash from India to Dubai through hawala (illegal money transfer) route and subsequent investment in Joyalukkas Jewelery LLC, Dubai, a company 100 per cent owned by Joy Alukkas Varghese .

The statement said the evidence found during the search—official documents and mail hawalas—"clearly proved" Joy Alukkas' active involvement in the hawala transaction.

The ED alleged that Varghese was the "beneficial owner" of the money invested in Joylukkas Jewelery LLC, Dubai.



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