The raid was conducted in the premises of leading jewelery chain Joy Alukas for alleged violation of FEMA Act. Assets are confiscated after days. The raid was conducted on allegations of violation of provisions related to the Foreign Exchange Management (FEMA) Act. According to reports, the money was transferred from India to Dubai through hawala transaction and then the money was invested in Joy Alukas Jewelery LLC in Dubai owned by Joy Alukas Varghese. It is reported that the confiscated assets include property. This includes a residential building worth Rs 81.54 crore in Thrissur Shobha City and money in three bank accounts. Meanwhile, Joy Alukas Group has not officially responded on the issue.
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Joy Alukas had withdrawn from the initial share sale announced earlier. On Tuesday, the company withdrew its initial share sale of Rs 2,300 crore, citing the need for more time to incorporate significant changes in its financial results. Joyalukas has showrooms in 68 cities across India. The company is one of the largest jewelery retailers in the country. The group has around 160 showrooms worldwide. Apart from the Gulf countries, it is also present in countries like the US, UK, and Malaysia.
