New Delhi, 4th July 2023: Tina Ambani, the wife of Reliance ADA Group chairman Anil Ambani, was questioned by the Enforcement Directorate (ED) on Tuesday and her testimony was recorded in connection with a case brought under the Foreign Exchange Management Act (FEMA).
Anil Ambani appeared in front of the ED on Monday to give his statement in the matter. According to PTI, which cited government sources, the struggling business tycoon is due to appear before the central agency again later this week. These proceedings are part of the ED’s investigation into the Pandora paper leaks.
The ED investigation against the pair is related to the couple’s alleged possession of undeclared assets overseas and related financial movement. The ED is also looking into Anil Ambani’s alleged connections to offshore businesses in Jersey, the British Virgin Islands, and Cyprus.
The Income Tax Department issued a notice to Anil Ambani in August 2022 under the anti-black money law for alleged tax evasion of Rs 420 crore on concealed funds totaling more than Rs 814 crore held in two Swiss bank accounts.
The I-T department further stated that Ambani “intentionally” failed to disclose the information of his offshore bank accounts. Anil Ambani was also served with a notice and a penalty demand by the I-T department.
Ambani might face prosecution under sections 50 and 51 of the Black Money (Undisclosed Foreign Income and Assets) Imposition of Tax Act of 2015. The Black Money (Undisclosed Foreign Income and Assets) Imposition of Tax Act of 2015 provided for up to ten years in prison and a fine.
The Bombay High Court granted an interim stay on the I-T department’s show cause notice and penalty demand in March of this year.
However, this is not the first time the 64-year-old business magnate has been questioned by the central agency. In 2020, he also appeared before the ED in connection with a money laundering case involving Yes Bank promoter Rana Kapoor and others.
