Indian law enforcement agency attaches assets worth $37 million of prominent jewellery group

India's Enforcement Directorate on Friday attached assets worth more than Rs3.06 billion ($36.98 million) of Joy Alukkas Verghese, who is the owner of the jewellery group Joyalukkas in a case linked to FEMA violations. Reports have mentioned that the group is accused of the alleged transfer of "huge cash" to Dubai through hawala channels.

The law enforcement agency had conducted raids at multiple premises of the prominent Kerala-based jewellery retailer, which has showrooms across 68 cities and is one of the biggest jewellery retailers in the country.

The ED said in a statement: "The attached assets include 33 immovable properties (valued at Rs 81.54 crore) consisting of a 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)."

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The statement mentioned that the total value of these assets, attached under section 37A of the Foreign Exchange Management Act (FEMA), is Rs 305.84 crore.

The recent raids were conducted after the Joyalukkas withdrew its $278 million initial public offering due to market conditions and to incorporate changes to its financial results.

The law enforcement department said evidence gathered during the searches, the official documents and emails "clearly proved" the active involvement of Joy Alukkas in hawala transactions. The department also alleged Varghese was the "beneficial owner" of the funds invested in Joyalukkas Jewellery LLC, Dubai.

(With inputs from agencies)

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