The Enforcement Directorate (ED) conducted searches in multiple offices of Kerala-based jewellery group Joyalukkas for alleged Foreign Exchange Management Act (FEMA) violations.
According to media reports, raids were carried out at the house of Joy Alukkas Verghese and at the head office of the jewellery group in Thrissur, on Wednesday.
The ED reportedly attached assets of the group worth more than ₹305 crore.
"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)," a statement from the agency read.
According to the ED, the case against the group pertains to cash transfer of Dubai from India through hawala channels and investment of the money in Joyalukkas Jewellery LLC, Dubai which is 100 per cent owned company of Joy Alukkas Verghese.
The raids come shortly after Joyalukkas India Ltd withdrew a ₹2,300 crore initial public offering (IPO).
Joyalukkas, which is one of the biggest jewellery retailers, has outlets in 68 cities in the country.
