The Enforcement Directorate has seized assets worth Rs 305.84 crore of the popular jewellery chain Joyallukas on Friday, after raids were carried out on five premises of the company for alleged violations of the provisions of the Foreign Exchange Management Act (FEMA).

The case relates to a huge amount of cash transferred to Dubai from India through Hawala channels and invested in Joyallukas Jewellery LLC, Dubai owned by Joy Alukkas Verghese.

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

The jewellery chain runs showrooms in close to 70 cities mainly in South India.

The company had withdrawn its Rs 2,300 crore initial public offering (IPO) from the stock market on Tuesday saying it needed more time to incorporate substantial changes in its financial statement.