The Enforcement Directorate has attached assets, both movable and immovable, worth ₹305.84 crore of Joy Alukkas Verghese, Chairman of Joy Alukkas India Pvt Ltd, Kerala’s leading jewellery group, in a hawala case.
The agency said it decided to freeze the assets following searches on the premises of the Joy Alukkas group on February 22 at it’s headquarter and residence of the Chairman at Thrissur. ED sources said they collected documents, including mails, and examined electronic items and computer devices for more evidence in the hawala case. The agency alleged that the gathered evidence “clearly proved” Joy Alukkas’ involvement in hawala transactions.
Properties, bank a/cs
“The attached assets include 33 immovable properties (valued at ₹81.54 crore) consisting of land and residential building in Shobha City, Thrissur, three bank accounts (having deposits of ₹91.22 lakh), three fixed deposits worth ₹5.58 crore and shares of Joyalukkas India Pvt Ltd (valued at ₹217.81 crore),” the ED said in a statement.
The total assets, valued at ₹305.84 crore, have been confiscated under section 37A of the Foreign Exchange Management Act (FEMA), the ED said.
The agency charged that huge amount of cash was 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.