Assets worth Rs 305 crore attached by ED for Joy Alukkas Verghese on hawala charges
New Delhi, February 25: Recently, on February 22, the federal probe agency had conducted searches at multiple premises of Thrissur-headquartered group. On late Thursday evening, Directorate of Enforcement (ED) attached assets worth Rs 305.84 crore of a firm under section 37A of the Foreign Exchange Management Act, 1999 for violation of section 4 of the Act. It is a private firm.
The ED attached the assets of Joy Alukkas Verghese, Chairman of Joy Alukkas India Pvt Ltd. According to an official statement on Friday, the case pertains to a huge amount of cash transferred to Dubai from India through Hawala Channels which allegedly invested in Joy Alukkas Jewellery LLC, Dubai.
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The attached assets include 33 immovable properties (value Rs 81.54 crore) consisting of land and residential building in Shobha City, Thrissur, 3 Bank accounts (value Rs 91.22 lakh), 3 Fixed Deposits (value Rs 5.58 crore) and Shares of Joy Alukkas India Pvt Ltd (value Rs 217.81 crore).
ED had earlier conducted searches on February 22, 2023, at 5 premises of Joy Alukkas group including the office of Joy Alukkas India Pvt Ltd and the residential premises of the Director of the company.
"The evidence was gathered during the search from their official documents, mail and staff which clearly proved active involvement of Mr Joy Alukkas in Hawala transactions. These amounts were subsequently invested in Joy Alukkas Jewellery LLC, Dubai," the statement said.
Further investigation into the matter is underway.