ED Attaches over Rs 305 Crore worth of Assets of Joyalukkas Jewellery Group on Hawala Charges | 5 Points to Know l ജോയ് ആലുക്കാസിൽ സംഭവിച്ചതെന്ത്?

1) The Enforcement Directorate on Friday said it has attached assets worth more than Rs 305 crore of Joy Alukkas Verghese, the owner of prominent Kerala-based jewellery group Joyalukkas, in a FEMA (Foreign Exchange Management Act) case linked to alleged transfer of "huge cash" to Dubai by the company through hawala channels- News Agency PTI Reported.

2) 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 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.

3) The total value of these assets, attached under section 37A of the FEMA, is Rs 305.84 crore, it said.

4) 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. 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. 

5) The agency's move also came days after Joyalukkas, which runs showrooms in around 68 cities in India, withdrew its $278 million initial public offering due to market conditions and to incorporate changes to its financial results.

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