HIGHLIGHTS
In a major development, the Enforcement Directorate (ED) has attached movable and immovable assets worth over Rs 305 crore of Joy Alukkas Verghese, the chairman of the owner of Joy Alukkas India Pvt Ltd, a Kerala-based jewellery group for a FEMA case in which the owner had allegedly transferred ‘huge cash’ to Dubai via hawala channels, news agency PTI reported.
On February 22, the federal probe agency had conducted searches at multiple premises of the Thrissur-headquartered group.
"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 said in a statement.
According to the report, the total value of these assets attached under section 37A of the Foreign Exchange Management Act (FEMA) is Rs 305.84 crore.
The case is related 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.
It stated that evidence acquired during the searches – official documents and emails – "clearly demonstrated" Joy Alukkas' active involvement in hawala transactions.
Varghese was accused of being the "beneficial owner" of cash invested in Joyalukkas Jewellers LLC, Dubai.
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