Joy Alukkas ED Raid: Update

ED Raid JoyAlukkas: In February 2023, the Enforcement Department raided Joy Alukkas's jewelry stores in Kerala and discovered assets valued at 305 crore that were in violation of the Foreign Exchange Management Act.

Joy Alukkas ED Raid Update

On February 2023, the Directorate of Enforcement (ED) attached assets worth ₹305.84 Crore belonging to Joy Alukkas, Chairman of Joy Alukkas India Pvt Ltd. The action was taken under section 37A of FEMA, 1999, citing violations of section 4 of the same act. The case revolves around the transfer of a substantial amount of cash from India to Dubai through Hawala Channels, with subsequent investments in Joy Alukkas Jewellery LLC, Dubai, a company owned by Joy Alukkas.

 

The attached assets include 33 immovable properties with a total value of ₹81.54 Crore, comprising land and residential buildings, 3 bank accounts with a total value of ₹91.22 Lakh, 3 fixed deposits amounting to ₹5.58 Crore. Shares of Joy Alukkas India Pvt Ltd valued at ₹217.81 Crore were also included in the enforcement action.

 

The ED had initiated searches on 22nd February 2023, covering five premises associated with the Joy Alukkas group. These included the office of Joy Alukkas India Pvt Ltd and the residential premises of Joy Alukkas.

 

Following a thorough investigation and due legal process, the ED has successfully resolved the case. Mr. Joy Alukkas cooperated fully with the authorities during the investigation. Recognizing the severity of the situation, he took measures to address the concerns raised by the ED. This cooperative approach significantly contributed to the resolution of the case.

 

The ED raid and subsequent confiscation of Joy Alukkas’ wealth had created waves in the news; however, the new update of the case resolution has come as a relief to his family and well-wishers.

 

Mr Joy Alukkas is the founder of the Joy Alukkas Group, established in 2001. Beyond the jewellery business, the group also has ventures such as Jolly Silks, Mall of Joy, and Joy Alukkas Money Exchange. Mr Alukkas is also a well-known philanthropist and has been involved in various social and charity services as an individual as well as institution.


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