New Delhi: The Enforcement Directorate (ED) on Friday said it has seized assets worth over Rs 305 crore belonging to Joy Alukkas, owner of a Kerala-based jewellery selling group Joyallukas.

The action has been taken in the case of foreign exchange management act (FEMA) for allegedly transferring huge cash to Dubai through hawala by the company.

The probe agency had on February 22 carried out searches at multiple premises of the Thrissur-headquartered group.

“The seized assets include 33 immovable assets (valued at Rs 81.54 crore), land and residential buildings in Shobha City, Thrissur, three bank accounts (deposits amounting to Rs 91.22 lakh), three fixed deposits of Rs 5.58 crore and shares of Joyallukas India Private Limited (valued at Rs 217.81 crore),” the ED said in a statement.

The total value of these properties seized under Section 37A of FEMA is Rs 305.84 crore. The case pertains to transfer of huge amount of cash from India to Dubai through illegal money transfer and subsequently investing in Dubai, the ED said.

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