Tina Ambani, wife of Reliance ADA Group chairman Anil Ambani, on Tuesday appeared before the Enforcement Directorate (ED) for questioning and recorded her statement in connection with a case registered under the Foreign Exchange Management Act (FEMA).
Anil Ambani had appeared before the ED on Monday to record his statement in the case. The troubled business tycoon is expected to appear before the central agency again later this week, PTI reported citing official sources. These proceedings are a part of the probe launched by the ED in the Pandora paper leaks case.
The ED investigation against the couple is related to the possession of alleged undisclosed assets abroad and linked movement of funds. Anil Ambani's purported links to offshore entities based in Jersey, British Virgin Islands and Cyprus are also under the ED scanner.
In August 2022, the Income Tax Department issued a notice to Anil Ambani under the anti-black money law for alleged evasion of Rs 420 crore in taxes on undisclosed funds of more than Rs 814 crore held in two Swiss bank accounts.
The I-T department also said that Ambani “intentionally” did not disclose his foreign bank account details. The I-T department also issued a notice and a penalty demand against Anil Ambani.
Under this notice, Ambani was liable to be prosecuted 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 stipulated maximum 10 years of imprisonment with a fine.
In March this year, the Bombay High Court ordered an interim stay on the show cause notice issued by the I-T department and penalty demand.
This, however, is not the first time that the 64-year-old business tycoon has been questioned by the central agency He also appeared before the ED in 2020 in connection with money laundering case against Yes Bank promoter Rana Kapoor and others.
(With agency, India Today inputs)
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