ED Seizes Rs 305 Crore Assets of Joyalukkas Jewellery Chain

New Delhi: The Enforcement Directorate (ED) seized assets worth Rs 305.84 crore of the Joyalukkas jewellery chain on Friday. This follows the raids of ED on the company’s premises a few days back. This jewellery chain is alleged to have violated provisions of the Foreign Exchange Management Act (FEMA).

ED is investigating the case related to an allegation that a large amount of cash was transferred to Dubai from India through Hawala channels by the company. This money was later invested in Joyalukkas Jewellery LLC, Dubai which is 100 per cent owned by Joy Alukkas Verghese.

The assets of Joyallukkas attached by ED include 33 immovable properties valued at ₹ 81.54 crore consisting of land and a residential building in Shobha City, Thrissur. Three bank accounts valued at ₹ 91.22 lakh, three fixed deposits amounting to ₹ 5.58 crore and Joyalukkas shares worth 217.81 crores have also been seized by the Enforcement Directorate.

The company has jewellery showrooms in around 68 cities in India.