I-T Raids At Joyalukkas Over Tax Evasion

Chennai: Well known jewellery chain Joyalukkas stores in Chennai were raided by Income-Tax officials on Wednesday morning. Multiple showrooms of Kerala-based Joyalukkas are being raided in Chennai and other places over allegations of tax evasion. Income Tax officials began the searches this morning.

Joyalukkas stores in Hyderabad are being raided since this morning. The stores were closed for the raids.

"The searches are following allegations of tax evasion. We will be able to share more information later," NDTV quoted a senior Income Tax officer as saying.

Showrooms of another popular jewellery chain from Kerala, Manjali Jewellers, are also being raided by income tax officials.

About 130 stores across south India, Gujarat and Haryana are being raided.

John Paul Joy Alukkas, the 29-year-old executive director of Joyalukkas group and son of its chairman Joy Alukkas was ranked 8th wealthiest on the Wealth-X list of millennials in 2015.