FEMA violation: ED attaches Rs 305 crore worth of assets of Joy Alukkas

Kochi: The Enforcement Directorate (ED) has attached over Rs 305 crore worth of assets of Joyalukkas jewellery group owner Joy Alukkas Verghese on charges of violating the provisions of the Foreign Exchange Management Act (FEMA).

“The attached assets include 33 immovable properties (valued at Rs 81.54 crore) consisting of a 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.

The total value of these assets, attached under section 37A of the Foreign Exchange Management Act (FEMA), is Rs 305.84 crore, it said.

The ED’s case pertains to a “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 a 100 per cent owned company of Joy Alukkas Verghese,” the ED said.

The action comes after the searches it carried out on February 22 at five places including the offices of the Thrissur-headquartered group.

Charges have been registered under Section 37(a) of FEMA which entrusts ED to recover three times the money allegedly transferred to a foreign country.

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