(Adds details and background)
BENGALURU, Feb 24 (Reuters) - India's financial crime
agency said on Friday it conducted searches and attached assets
worth 3.06 billion rupees ($36.98 million) belonging to the
chairman of jeweller Joyalukkas in a case related to alleged
violation of foreign exchange laws.
The Enforcement Directorate alleged a huge amount of cash
was transferred to Dubai from India through so-called 'hawala'
channels and then invested in Joy Alukkas Jewellery LLC, Dubai,
which is fully owned by Alukkas Varghese Joy.
The chairman could not be reached, while Joyalukkas did not
immediately respond to a Reuters' request for comment.
The agency said in a statement that it searched five
premises of the jewellery group on Feb. 22, during which it
found evidence of "active involvement" of Varghese Joy in those
transactions.
The agency's move also came days after Joyalukkas, which
runs showrooms in around 68 cities in India, withdrew its $278
million initial public offering due to market conditions and to
incorporate changes to its financial results.
($1 = 82.7500 Indian rupees)
(Reporting by Nandan Mandayam in Bengaluru; Editing by Sherry
Jacob-Phillips)
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