The Enforcement Directorate on Friday seized assets worth Rs 305 crore of Joy Alukkas Verghese, the owner of Kerala-based jewellery group Joyalukkas, for violating provisions of the Foreign Exchange Management Act, reported PTI.

On February 22, the central investigating agency had raided several offices. The raids took place a day after the company had withdrawn its Rs 2,300 crore initial public offering, or, IPO saying it needed more time to incorporate substantial changes to its financial results, reported Reuters.

The case against Verghese pertains to significant amount of cash transfer from India to Dubai through hawala channels which were subsequently invested in Joyalukkas Jewellery LLC. Hawala transactions are illegal under provisions of the Foreign Exchange Management Act,

In a statement, the Enforcement Directorate said that evidence gathered through the searches, including official documents and mails, have shown active involvement of Verghese in hawala transactions, reported PTI. The agency has also alleged that Verghese was the beneficial owner of the funds invested in JoyalukkasLLC, Dubai.

The attached assets include 33 immovable properties valued at Rs 81.54 crore comprising land and a residential building in Shobha City, Thrissur, three bank accounts valued at Rs 91.22 lakh, three fixed deposits of Rs 5.58 crore and Joyallukas shares worth Rs 217.81 crores.

The company had planned to refile its IPO documents at the earliest, subject to market conditions, Chief Executive of the company Baby George had told Reuters on Tuesday.