Joyalukkas under ED scanner; assets worth Rs. 305 crore seized
What's the story
Popular jewelry chain Joyalukkas has come under Enforcement Directorate's (ED) scanner. The investigative agency has seized assets worth Rs. 305 crore over alleged violations of the Foreign Exchange Management Act (FEMA).
The ED raids at Joyallukas come days after the Kerala-based jeweler withdrew its IPO plans to raise Rs. 2,300 crore. The raids were carried out at several locations in Thrissur.
About the case
ED is probing alleged hawala deals
On Wednesday, ED sleuths raided the offices of Joyalukkas for alleged hawala transactions. In Kerala, searches were held at the company's head office as well as CMD Joy Alukkas' 50,000-sq-ft mansion in Shoba city, Thrissur. According to reports, five locations of the jewelry group were raided.
The ED officials have also recovered documents and electronic devices that will be examined for evidence.