Evidence of Joy Alukkas Verghese’s active involvement in hawala transactions has been obtained by ED
The Enforcement Directorate on Friday attached assets worth more than Rs.305 crore of Joy Alukkas Verghese, the owner of prominent Kerala-based jewellery group Joy Alukkas, in a FEMA case linked to the alleged transfer of “huge cash” to Dubai by the company through hawala channels. The federal probe agency had carried out searches at multiple premises of the Thrissur-headquartered group on February 22.
The agency tweeted:
ED conducted searches and attached various movable and immovable assets worth Rs. 305.84 Crore of Joy Alukkas Verghese, Chairman of Joy Alukkas India Pvt Ltd in a case relating to hawala under FEMA, 1999.
— ED (@dir_ed) February 24, 2023
Properties, and bank accounts attached
“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 Joy Alukkas India Pvt Ltd (valued at Rs.217.81 crore),” the ED said in a statement. The total value of these assets, attached under Section 37A of the Foreign Exchange Management Act (FEMA), is Rs.305.84 crore, it said.
The case pertains to a “huge amount of cash transferred to Dubai from India through hawala (illegal money transfer) channels and subsequently invested in Joy Alukkas Jewellery LLC, Dubai which is a 100 percent owned company of Joy Alukkas Verghese,” the ED said. Joy Alukkas is a prominent jewellery group from Kerala having more than 50 showrooms including in the Middle East. The company even has private jet and many assets across India and the Middle East.
The ED said evidence gathered during the searches — official documents and mail — “clearly proved” the active involvement of Joy Alukkas in hawala transactions. The anti-money laundering probe agency said Varghese was the “beneficial owner” of the funds invested in Joy Alukkas Jewellery LLC, Dubai.
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Rs. 305 crores is a miniscule amount…….
It is simple case of tax evasion – then ok. Pay tax & get out.
But did it fund any anti-social elements or political causes – unknown – if yes, then severely punish
Make it mandatory for all businessmen that its dealings should be honest, fair & ethical
Sanjiv Kumar Mishra who has been given 3 extensions by Modi will soon have to spill the beans about his role.
Pro BJP people are not raided.
With most ports and airports under one man controls one wonders what flies in duty free and flies out excise duty free etc. Of course ED suffers from fright rather than investigate.
Alukkas are dummies of Pappu & Marxists