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Indian Jewelry Owner’s Assets Seized in Connection to Alleged Illegal Transactions March 06, 2023 (0 comments)
Thrissur, Kerala--The Enforcement Directorate of India has seized assets worth $37.4 million belonging to the owner of Kerala-based jewelry firm Joyalukkas following a FEMA lawsuit related to the company's suspected movement of funds to Dubai through illegal routes.
[Image via allaboutcity.in]
According to a report, the seized assets include 33 immovable properties, three bank deposits, three fixed deposits, and shares in Joyalukkas India Pvt Ltd. According to the ED, the total value of the confiscated assets is $42.4 million.
The report noted that Joyalukkas withdrew its $300 million IPO on February 17 without giving a reason. Reports suggest that large sums of money were allegedly transported to Dubai from India using hawala networks and then incorporated in Joyalukkas Jewellery LLC, Dubai, 100% owned by Joy Alukkas Verghese.
The report added that using illegal networks for money transfers is detrimental, as it is a prominent way to fund terrorism.
Learn more in the report.