ED seizes Joyalukkas jewellery group’s assets worth more than 305 crore

The Enforcement Directorate said on Friday that it has seized assets worth more than 305 crore belonging to Joy Alukkas Verghese, the owner of a well-known jewellery company in Kerala called Joyalukkas. This is part of a FEMA case that has to do with the company allegedly sending “huge cash” to Dubai through hawala channels.

On February 22, the federal agency looking into the group with its headquarters in Thrissur searched several of its buildings.

“The attached assets include 33 immovable properties worth 81.54 crore, including land and a residential building in Shobha City, Thrissur, three bank accounts with deposits of 91.22 lakh, three fixed deposits worth 5.58 crore, and shares of Joyalukkas India Pvt Ltd worth 217.81 crore,” the ED said in a statement.

It said that these assets, which were seized under Section 37A of the Foreign Exchange Management Act (FEMA), are worth a total of 305.84 crore.

“Huge amounts of cash were sent from India to Dubai through hawala (illegal money transfer) channels and then invested in Joyalukkas Jewellery LLC, Dubai, which is a 100% Joy Alukkas Verghese-owned company,” the ED said.

It said that the official documents and mail found during the searches “clearly proved” that Joy Alukkas was involved in hawala transactions.

It said that Varghese was the “real owner” of the money that was put into Joyalukkas Jewellery LLC, Dubai.

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Hi, my name is Nisha and I'm an educational journalist based in India. I've always been passionate about the power of education to transform lives, and that's what led me to pursue a career in journalism focused on this area. I completed my Bachelor's degree in English from Hindu College in Delhi in 2013 and then went on to earn my Master's in Journalism and Mass Communication from the Indian Institute of Mass Communication in 2017. During my studies, I also completed several short-term courses on Education in India, Sociology, and other related subjects to deepen my knowledge in this field. I'm particularly interested in improving access to quality education in rural areas, where students often face significant challenges. I've worked on a number of initiatives to address this issue, including advocating for better policies, resources, and practices that can make a difference. As an educational journalist, I'm passionate about using my platform to highlight important issues in the education space. I've covered a wide range of topics, including the impact of technology in the classroom, innovative approaches to teaching and learning, and the challenges facing students from marginalized communities. One of the things I love most about my work is the opportunity to constantly learn and grow. I'm an avid reader and believe that reading is key to expanding one's knowledge and perspective. I'm always seeking out new ideas and insights to help me better understand the world around me. In summary, as an educational journalist, I'm dedicated to using my skills and expertise to make a positive impact in the field of education. I'm committed to improving access to quality education for all students and to using my platform to raise awareness about important issues in this area.

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