Directorate of Enforcement (ED) has attached assets worth Rs 305.84 crore of a private firm under section 37A of the Foreign Exchange Management Act, 1999 for violation of section 4 of the Act.
The ED attached the assets of Joyalukkas Verghese, Chairman of Joyalukkas India Pvt Ltd.
According to an official statement on Friday, the case pertains to a huge amount of cash transferred to Dubai from India through Hawala Channels which allegedly invested in Joyalukkas Jewellery LLC, Dubai.
The attached assets include 33 immovable properties (value Rs 81.54 crore) consisting of land and residential building in Shobha City, Thrissur, 3 Bank accounts (value Rs 91.22 lakh), 3 Fixed Deposits (value Rs 5.58 crore) and Shares of Joyalukkas India Pvt Ltd (value Rs 217.81 crore).
ED had earlier conducted searches on February 22, 2023, at 5 premises of Joyalukkas group including the office of Joy Alukkas India Pvt Ltd and the residential premises of the Director of the company.
"The evidence was gathered during the search from their official documents, mail and staff which clearly proved active involvement of Mr Joyalukkas in Hawala transactions. These amounts were subsequently invested in Joyalukkas Jewellery LLC, Dubai," the statement said.
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Further investigation into the matter is underway.
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