INSUBCONTINENT EXCLUSIVE:
NEW DELHI: Assets worth more than Rs 305 crore of the owner of prominent Kerala-based jewellery group Joyalukkas were attached by the
Enforcement Directorate on Friday in a FEMA case linked to alleged transfer of big money to Dubai by the company through hawala
channels.The accessory of possessions comes two days after the federal probe agency had actually performed searches at numerous premises of
the Thrissur-headquartered group owned by Joy Alukkas Verghese
The attached possessions consist of 33 unmovable homes (valued at Rs 81.54 crore) consisting of land and property structure in Shobha City,
Thrissur, three checking account (having deposits of Rs 91.22 lakh), 3 repaired 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.The total value of these properties, attached under area 37A of the Foreign
Exchange Management Act (FEMA), is Rs 305.84 crore, it said.The retail jewellery chain had on February 17 withdrawn its Rs 2,300 crore
initial public offering (IPO) without appointing any reason.Proceed of the IPO were slated to be utilized for payment of financial
obligation, for funding the opening of eight new display rooms and for basic corporate purposes.The Enforcement Directorate case pertains to
substantial quantity of cash transferred to Dubai from India through hawala (illegal cash transfer) channels and subsequently purchased
Joyalukkas Jewellery LLC, Dubai which is 100 percent owned company of Joy Alukkas Verghese, the ED said.It said proof gathered during the
searches-- main documents and mails-- plainly shown active involvement of Joy Alukkas in hawala transactions.It declared Varghese was the
beneficial owner of the funds bought Joyalukkas Jewellery LLC, Dubai
