KOCHI: Enforcement Directorate (ED) on Friday attached movable and immovable properties worth Rs 305.84 crore of Thrissur-based jeweller Joy Alukkas. The attachment was part of a case registered against Joy Alukkas India Private Ltd and its chairman Joy Alukkas Varghese in connection with alleged hawala transactions.
ED came out with a statement in this regard through its official Twitter page. Joy Alukkas is yet to come out with a statement in this regard. The national agency has been carrying out searches at various offices of Joy Alukkas and the residence of its chairman since Wednesday. ED sources said that the attachment procedure was initiated as a preliminary probe revealed that the jeweller was involved in hawala transactions violating Foreign Exchange Management Act (FEMA).
“We got evidence that money was sent from India to Dubai where the jeweller has branches. The attached properties include bank accounts, cash, buildings and lands owned by Joy Alukkas. The attached properties would be released only after the trial procedure. It is a preventive measure adopted in FEMA cases,” sources said. Meanwhile, ED will soon issue a notice to Joy Alukkas to appear for interrogation. The questioning session is likely to be held next week at the ED office in Kochi. ED will also interrogate people in the management of the jewellery retailer. During the search operation, ED had seized documents and electronic gadgets, including computers, which are being examined by the investigation team.
The attached assets include 33 immovable properties (valued at Rs 81.54 crore) consisting of 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), ED statement read.
“The evidence gathered during the search from their official documents, e-mails and staff clearly prove active involvement of Joy Alukkas in hawala transactions. These amounts were subsequently invested in Joy Alukkas LLC, Dubai, which is a 100 pc-owned company of Joy Alukkas Varghese, thus making him the beneficial owner of illegally transferred money and thus liable for action under section 37A of FEMA,” the ED statement read.