Tina Ambani, wife of Indian Industrialist Anil Ambani, appeared before the Enforcement Directorate (ED) on July 4, 2023, as part of an investigation related to an alleged contravention of the foreign exchange law.
The anti-money laundering agency official confirmed her appearance.
The specific details of the case remain unclear, but Mr. Ambani had previously appeared to record his statement in connection with a potential violation of the Foreign Exchange Management Act.
The case pertains to alleged undisclosed assets held by the Ambanis abroad.
Anil Ambani, Chairman of Reliance ADA Group, was seen arriving at the ED’s Ballard Estate office in south Mumbai.
Earlier this year, on April 5, the Bombay High Court had granted an interim stay on the show-cause notice and penalty issued by the Income Tax (IT) department to Mr. Ambani under the Black Money Act, until further orders.
The IT department had issued a notice to Mr. Ambani on August 8, 2022, alleging tax evasion of ₹420 crore on undisclosed funds exceeding ₹814 crore held in two Swiss bank accounts. The IT notice stated that he could face prosecution under the Black Money (Undisclosed Foreign Income and Assets) Imposition of Tax Act, which carries a maximum sentence of 10 years with a fine. The department accused Mr. Ambani of “wilful” evasion, asserting that he intentionally withheld information about his foreign bank accounts and financial interests.
According to IT officials, the total value of Mr. Ambani’s undisclosed funds in the two Swiss bank accounts is assessed to be ₹8,14,27,95,784 (₹814 crore), with a tax liability of ₹4,20,29,04,040 (₹420 crore).
In 2020, Mr. Ambani had previously appeared before the ED in a money laundering case related to the Yes Bank loan kickbacks. The ED alleged that his company had received loans from Yes Bank during the tenure of arrested founder Rana Kapoor and was among the largest non-performing assets.
