Mumbai: Tina Ambani Leaves ED Office After Seven Hours Of Questioning In Forex Violation Case

Tina Ambani, wife of industrialist Anil Ambani, was grilled for close to seven hours on Tuesday by senior officials of the  Enforcement Directorate (ED).  

A day earlier Anil Ambani, chairman of the Anil Dhirubhai Ambani Group (ADAG),  was questioned for eight hours at the ED's  Ballard Estate office in connection with an alleged violation of  Foreign Exchange Management Act (FEMA).

Both have been asked to appear again for recording their statements next week in the Pandora paper leaks case for alleged undisclosed assets abroad and movement of funds to the tune of ₹814 crore to offshore entities based in  British Virgin Islands, Cyprus and other tax havens. 

Undisclosed funds held in two Swiss bank accounts

The Income Tax department had issued notices to Anil Ambani last August under the anti-black money law for allegedly evading ₹420 crore in taxes on undisclosed funds held in two Swiss bank accounts. The taxmen had charged Anil Ambani with "wilful evasion" stating that  the industrialist “intentionally” did not disclose his foreign bank account details to them.

An interim stay was granted by the Bombay High Court on I-T show cause notice and demand of penalty. The 64 year old beleaguered business tycoon  had earlier appeared before the ED in 2020 money laundering probe linked to Yes Bank loan kickbacks case in which the bank's co-founder Rana Kapoor was arrested.