Press Statement 24.02.2023 For violating Section 4 of the FEMA, 1999, the Directorate of Enforcement (ED) has attached the Joyalukkas Verghese, Chairman of Joyalukkas India Pvt Ltd.’s assets worth 305.84 Crore. The issue relates to a significant sum of money that was transported from India to Dubai using Hawala Channels and then invested in Joyalukkas Jewellery LLC, a Dubai-based firm that is 100% controlled by Joyalukkas Verghese. 33 immovable properties worth 81.54 crores, including land and residential structures in Shobha City, Thrissur, three bank accounts worth 91.22 lakhs, three fixed deposit accounts worth 5.58 crores, and shares in Joy Alukkas India Pvt Ltd worth 217.81 crores are among the connected assets.
On February 22, the ED had previously searched five locations belonging to the Joy Alukkas group, including the director’s home and the office of M/s Joy Alukkas India Pvt Ltd. The pieces of evidence discovered during the search were from their official correspondence, mail, and staff, and they amply demonstrated Mr. Joy Alukkas’ active participation in Hawala transactions. Joyalukkas Verghese became the beneficial owner of the funds that had been unlawfully transferred when they were invested in his 100% owned firm Joy Alukkas Jewellery LLC, Dubai. As a result, he is now subject to legal action under Section 37A of the FEMA, 1999. More research is now being conducted.
