The Enforcement Directorate on Wednesday conducted raids on the Kerala-based jewellery retailer Joyalukkas, for alleged FEMA violations.
Confirming the raids, a senior official in the Joyalukkas group told businessline 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 jewellery 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 jewellery 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.