Anil Ambani's wife Tina Ambani appears before ED in foreign exchange violation case

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• Jul 4, 2023 | Dhupali Das

Tina Ambani, wife of Reliance ADA Group chairman Anil Ambani, appeared before the Enforcement Directorate on...

Digital Desk: Tina Ambani, wife of Reliance ADA Group chairman Anil Ambani, appeared before the Enforcement Directorate (ED) on Tuesday for questioning and recorded her statement in connection with a case registered under the Foreign Exchange Management Act (FEMA).  

On Monday, Anil Ambani appeared before the ED to give his statement in the case. The troubled business tycoon is anticipated to appear before the central agency again later this week, PTI reported, citing official sources. These proceedings are part of the ED's investigation into the Pandora paper leaks case.

The ED investigation against the couple is related to the possession of alleged undisclosed assets abroad and the related movement of funds. The ED is also looking into Anil Ambani's alleged connections to offshore businesses situated in Jersey, the British Virgin Islands, and Cyprus. 

The Income Tax Department served Anil Ambani with a notice under the anti-black money statute in August 2022 for alleged tax evasion of Rs 420 crore on unreported funds totaling more than Rs 814 crore held in two Swiss bank accounts.  

The I-T department further stated that Ambani "intentionally" failed to reveal his international bank account information. The I-T department also served Anil Ambani with a notice and a penalty demand.  

Under this notice, Ambani was subject to 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 a maximum of ten years in prison and a fine.

In March of this year, the Bombay High Court granted an interim stay on the I-T department's show cause notice and penalty demand.

This is not the first time the 64-year-old business mogul has been questioned by the central agency. He also appeared before the ED in 2020 in connection with the money laundering case against Yes Bank promoter Rana Kapoor and others.