Joy Alukkas is a businessman from Kerala. He is the Chairman and Managing Director of Joyalukkas Group.
The Enforcement Director on Friday attacked assets worth Rs 305.84 crore of a Kerala-based private firm under section 37A of the Foreign Exchange Management Act. The company is owned by Joy Alukkas Verghese. He is the chairman of the JoyAlukkas India Pvt Ltd, a global jewellery giant. The agency said the firm violated section 4 of the act. ED said in its statement on Friday that a huge amount of cash was transferred to Dubai from India through hawala channels. The money was invested in Joy Alukkas Verghese's Joy Alukkas Jewellery LLC, Dubai. The agency that primarily investigates financial crimes, attached 33 immovable properties worth Rs 81.54 crore, 3 bank accounts and 3 fixed deposits. Shares of JoyAlukkas India Private Limited worth Rs 217.81 crore were also attached.
"The evidence was gathered during the search from their official documents, mail and staff which clearly proved the active involvement of Mr Joy Alukkas in Hawala transactions. These amounts were subsequently invested in Joy Alukkas Jewellery LLC, Dubai," the statement said.
Who is Joy Alukkas?
Joy Alukkas is a businessman from Kerala. He is the Chairman and Managing Director of Joyalukkas Group. His father Varghese Alukkas was a jeweller. He started his first store in 1956. In 2001, Joy Alukkas started his company Joy Alukkas Jewellery and never looked back. His company has offices in Thrissur and Dubai. He has 85 showrooms in India and 45 showrooms abroad. His company has been selling the Forevermark branded diamonds.
According to Forbes, Joy Alukkas' net worth is 3.1 billion dollars which is around Rs 25,000 crore. He opened his first overseas store in 1987 in Abu Dhabi. He also has interests in money exchange, malls and real estate. His son John Paul who is the managing director of the international jewellery business. He is currently awaiting the approval of the regulators to list his company. He is the 69th richest person in India (2022 list).
In 2007, he opened the world's largest jewellery showroom in Chennai. He heads other businesses like Mall of Joy, Jolly Silks, Joyalukkas Exchange, Joyalukkas Developers etc.
He is also known for donating generously.
This is not his first brush with the law. In 2018, the Income Tax Department of Kochi raided his showrooms.
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 "Joy Alukkas net worth: The businessman from Kerala is a school drop out (File)")
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