Industrialist Anil Ambani appeared before the Enforcement Directorate’s Mumbai office on Monday, July 3, in relation to an investigation under the Foreign Exchange Management Act (FEMA). Sources informed CNBC-TV18 that the ED has recently registered a new case against Ambani.
The focus of the investigation by the ED is currently on the assets held by Anil Ambani in his two Swiss bank accounts. Simultaneously, the Income Tax department is conducting its own investigation into allegations of tax evasion concerning these Swiss bank accounts.
According to sources who spoke with CNBC-TV18, the ED will make use of the information gathered by the Income Tax department during its investigation, if necessary.
As per the central agencies, Anil Ambani is the ‘economic contributor and beneficial owner’ of Diamond Trust, a Bahama based entity and Northern Atlantic Trading Unlimited.
Prior to this, the Income Tax department conducted an investigation into allegations of tax evasion by Anil Ambani pertaining to undisclosed funds. The IT department claimed that these funds were held by Anil Ambani in two Swiss bank accounts.
The IT department has accused Anil Ambani of evading taxes amounting to Rs 420 crore. According to the department, Diamond Trust established a company named DreamWork Holding Inc., which owned one of the Swiss bank accounts.
Anil Ambani allegedly provided his documents and funding to this company, but he did not disclose these foreign assets while filing his income tax return (ITR).
In response, the IT department issued a show cause notice to Anil Ambani. However, in September 2022, the Bombay High Court ordered the IT department to refrain from taking any coercive action against him. CNBCTV18