Joy Alukas; The Confiscated Assets Include A House In Sobha City And Partial Shares Of The Group

Among the assets seized by the Income Tax Department for alleged violation of FEMA Act is the house of Joy Alukas Jewellery’s owner Joy Alukas in Thrissur’s Sobha City. As many as 33 real estate assets including a house and land of 50,000 square feet have been confiscated. The estimated value of 33 real estate assets is Rs 81.54 crore. All three bank accounts have been frozen. Accounts with deposits of Rs 91.22 lakh have been frozen. Apart from this, three fixed deposits worth Rs 5.58 crore were also frozen. A total of assets worth approximately Rs 305 crore have been confiscated.

Among the confiscated assets, the most valuable are the shares of Alukas Group. 217.81 crore worth of shares of the group were confiscated. The total authorized share capital of the company is Rs 1,500 crore. 770.38 crore paid up capital. It has six directors including Joy Alukas Varghese and John Paul Joy Alukas.

Also Read: Joy Alukas Group’s assets worth Rs 305 crore confiscated

According to the company’s report for the financial year 2022, the turnover of Joy Alulukas India Limited in the previous financial year was more than Rs 500 crore. The assets of the company have increased by 40.58 percent. The company’s pre-tax income grew by 28.80 percent. The total assets of the company increased by 19.41 percent while the liabilities of the company increased by 8.85 percent. The debt/equity ratio is 0.63 percent. The company’s operating revenue for the financial year ended March 31, 2022 is over Rs 500 crore.

The raid was based on the fact that money brought from India to Dubai in violation of the FEMA Act was invested in Dubai’s Joy Alukas Jewelery LLC. Partial assets are confiscated under Sections 4, 37A of the FEMA Act, 1999. The Income Tax Department has informed that further investigation will be done.