ED Attaches Rs 305 Cr Of Joyalukkas’ Assets

The Enforcement Directorate has been cracking down on the foreign investment and disproportionate assets cases of late. Now, the ED has come down heavily on Kerala-based jewellery giant, Joyalukkas.

The ED attached Rs 305 crores worth of assets of Joyalukkas, stating alleged transfer of big money to Dubai by the company through hawala.

This comes just two days after the ED officials carried out searches at multiple properties owned by Joyalukkas.

The attached assets include 33 immovable properties, valued at over Rs 81 crore, and also the fixed deposits, bank accounts, and shares of Joyalukkas which account to another Rs 224 crores.

The company recently withdrew the Rs 2500 crores Initial Public Offering (IPO) without citing a consolidated reason.

The ED is approaching the case in Hawala angle and the records of the payment of debt and investments will now be thoroughly investigated.