Attached properties include 33 properties valued at Rs 81.54 crore.
New Delhi:
The Directorate General of Enforcement seized Rs 305.84 crore worth of property of the famous jewelry chain Joyallukas on Friday, days after five of the company’s premises were raided by investigative authorities. The ED has accused the jewelry chain of violating the terms of the Foreign Exchange Management Act.
The case involved a huge amount of cash being transferred to Dubai from India through Hawala channels and then invested in Joyallukas Jewelery LLC, Dubai, which is 100% owned by Joy Alukkas Verghese. On Tuesday, the company that withdrew Rs 2,300 crore for an initial public offering or IPO said it needed more time to incorporate significant changes to its financial results.
Attached properties include 33 properties valued at Rs 81.54 crore including land and a residential building in Shobha City, Thrissur. Three bank accounts worth Rs 91.22 lakh, three fixed deposits of up to Rs 5.58 crore and Joyallukas shares worth 217.81 crore were also confiscated by the Directorate General of Enforcement.
Baby George CEO told Reuters on Tuesday that the company planned to finalize its IPO documents “as soon as possible, depending on market conditions.”
The jewelry retailer, which focuses mainly on southern India, is the latest company to delay or withdraw its planned IPO amid market volatility and high inflation. The company operates showrooms in approximately 68 cities.
