The Enforcement Directorate (ED) has attached assets worth over Rs 305 crore belonging to Joyallukas Varghese, owner of Kerala-based jewelery company Joyallukas. This action has taken place under a case related to Foreign Exchange Management Ext (FEMA). The company is alleged to have transferred “huge cash” to Dubai through hawala channels.
ED has accused the jewellry chain of violating provisions of the Foreign Exchange Management Act
The Enforcement Directorate (ED) gave this information in a statement released on Friday, 23 February. According to the statement, the ED had carried out searches on February 22 at several offices and premises of Joyallukas Group. After this the properties have been confiscated.
The attached assets include 33 immovable properties valued at around Rs 81.54 crore, land and residential building in Thrissur, three bank accounts (91.22 lakh deposits), three fixed deposits of Rs 588 crore, the ED said. Apart from this, some shares of Joyallukas India Pvt Ltd, which are worth Rs 217.81 crore, have also been attached.
This action of ED has taken place at a time when Joyallukas Das had announced to withdraw its Rs 2,300 crore IPO a few days back. Joyallukas Varghese Joy, managing director of joyallukas India, had said at that time that the IPO plan has been changed in view of the bad market conditions, change in offices and better performance of the company.
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 has attached assets worth over Rs 305 crore belonging to Joyallukas Varghese, owner of Kerala-based jewelery company Joyallukas. This action has taken place under a case related to Foreign Exchange Management Ext (FEMA). The company is alleged to have transferred "huge cash" to Dubai through hawala channels.){kind=link}