Tina Ambani, the wife of Anil Ambani, Chairman of Reliance ADA Group, made an appearance before the Enforcement Directorate (ED) on Tuesday. Media reports revealed that the purpose of her visit was to undergo questioning and provide a statement regarding an ongoing investigation into potential contraventions of foreign exchange laws.
Tina Ambani Joins Investigation
In a development related to the alleged violation of the Foreign Exchange Management Act (FEMA), Tina Ambani faced questioning by the ED. According to official sources, Anil Ambani had already recorded his statement the previous day. It is anticipated that he will be summoned once again later this week to conclude the investigation.
Investigation Scope
The probe centers around the alleged possession of undisclosed assets abroad and the movement of associated funds. The ED is specifically examining Anil Ambani's purported links to offshore companies located in Jersey, the British Virgin Islands, and Cyprus. These offshore investments and assets have attracted the attention of the investigative agency.
Anil Ambani's Previous Encounters with ED
In 2020, Anil Ambani was previously subjected to inquiries by the Enforcement Directorate as part of a money laundering case involving Yes Bank promoter Rana Kapoor and other individuals. The agency's interest in Ambani's financial activities has been ongoing, and this recent investigation builds upon previous scrutiny.
Tax Evasion Allegations
An additional facet of the case revolves around alleged tax evasion by Anil Ambani. Last year, the income-tax department issued a notice to him under the anti-black money law, accusing him of evading taxes amounting to Rs 420 crore. The alleged evasion was related to undisclosed funds exceeding Rs 814 crore held in two Swiss bank accounts. However, the Bombay High Court intervened in March and granted an interim stay on the show-cause notice and penalty demand from the income-tax department.
Tina Ambani's Recent Appearance
Following Anil Ambani's recent visit to the Enforcement Directorate, Tina Ambani, too, presented herself before the agency. The summon initially scheduled for Monday was delayed by Tina, who sought exemption until later in the week. However, fresh summons were issued, requiring her presence. Unnamed sources also claim that Anil Ambani was found to be uncooperative during his questioning, prompting the investigators to call him in for further inquiries.
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