INDIA. Mumbai: Tina Ambani, the wife of Reliance ADA Group chairman Anil Ambani, was in Mumbai to appear before representatives of the Enforcement Directorate (ED) in relation to a case involving an alleged violation of the foreign exchange regulations.
The inquiry was part of the Pandora paper leaks case in which Anil Ambani, fugitive diamantaire Nirav Modi’s sister Purvi Modi and others have been named by the International Consortium of Investigative Journalists (ICIJ). In its report, the ICIJ gave an estimate of money held offshore by different entities. At present, ED has been investigating the potential offshore investment by Ambanis.
Anil Ambani was questioned by the ED in connection with the case registered under the Foreign Exchange Management Act 1999 (FEMA) on Monday. Ambani’s links to offshore entities based in Cyprus (Greece), British Islands and other places are under investigation.
Ambani was issued notice by the Income Tax department under sections 50 and 51 of the Black Money (Undisclosed Foreign Income and Assets) Imposition of Tax Act of 2015 in August last, for alleged evasion of Rs 420 crore in tax, on undisclosed funds of over Rs 814 crore held in two Swiss bank accounts.
The Income Tax department had also issued a showcase notice imposing a penalty on the amount due. However, the Bombay High Court granted an interim stay to the showcase notice in March this year.
The ED had questioned Anil Ambani also in connection with a money laundering case against “Yes Bank” promoter Rana Kapoor who was arrested on March 8, 2020, by the ED under the Prevention of Money Laundering Act (PMLA) on charges of siphoning off huge amounts out of the country through his family-owned companies and investing Rs 378 crore overseas.
In the meanwhile, Anil Ambani’s company, Reliance Innoventures, has been admitted for insolvency proceedings by the National Company Law Tribunal (NCLT) after New York-based financier JC Flowers approached the court claiming the company had defaulted on its debts.
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