ED raids Joyalukkas jewelery outlets in Kerala

The Enforcement Directorate on Wednesday conducted raids on the Kerala-based jewelery retailer Joyalukkas, for alleged FEMA violations.

Confirming the raids, a senior official in the Joyalukkas group told business line that the ED carried out the raids in Thrissur office alone in the morning. The officials have asked some questions and the company gave replies satisfactorily. However, the official did not confirm the raid for FEMA violations.

Sources close to the development said that five locations of the jewelery group were raided, including the mansion of the CMD constructed in 50,000 sq ft in Shoba city, Thrissur.

Joyalukkas has showrooms across 68 cities and is one of the biggest jewelery retailers in the country.

Read also: Joyalukkas India drops ₹2,300-crore IPO plan

The raids assume significance in the context of the company withdrawing its IPO plans to raise ₹2,300 crore. The company did not give any specific reason for withdrawing the IPO.

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