shot-button
Maharashtra Elections 2024 Maharashtra Elections 2024
Home > Mumbai > Mumbai News > Article > Mumbai Enforcement Directorate questions Anil Ambani in fresh FEMA case

Mumbai: Enforcement Directorate questions Anil Ambani in fresh FEMA case

Updated on: 03 July,2023 07:59 PM IST  |  Mumbai
Faizan Khan | faizan.khan@mid-day.com

Anil Ambani on Monday appeared before the Enforcement Directorate (ED) here and recorded his statement in connection with an investigation linked to the alleged contravention of the foreign exchange law

Mumbai: Enforcement Directorate questions Anil Ambani in fresh FEMA case

Anil Ambani (File Photo)

In a recent development, the Enforcement Directorate (ED) has filed a fresh case against business tycoon Anil Ambani. The ED has accused Ambani of violating the provisions of the Foreign Exchange Management Act (FEMA).


According to reliable sources, the ED will be relying on information provided by the Income Tax Department for the investigation of this case. It is alleged that Anil Ambani engaged in foreign exchange management activities, which are in violation of FEMA regulations.


Anil Ambani appeared before the ED's office in Mumbai today to cooperate with the ongoing investigation. The focus of the investigation lies on assets held in two Swiss bank accounts belonging to Ambani. These accounts are believed to be associated with Diamond Trust, an entity located in the Bahamas, as well as Northern Atlantic Trading Unlimited. Ambani is said to be both a contributor and a beneficiary of these entities.


This is not the first time Anil Ambani has come under the scrutiny of government agencies. Previously, the Income Tax Department conducted an investigation into allegations of tax evasion related to undisclosed funds. It was discovered that Ambani had allegedly maintained these funds in two Swiss bank accounts. The Income Tax Department had accused him of tax evasion amounting to a staggering Rs 420 crore.

During their investigation, the Income Tax Department found that a company named Dreamwork Holdings Inc., which is a subsidiary of Diamond Trust, owned one of the Swiss bank accounts. Anil Ambani allegedly provided financial assistance and crucial documents to this company. The Income Tax Department further claims that Anil Ambani failed to disclose these foreign assets while filing his income tax return. Such non-disclosure raises concerns regarding the compliance and transparency of Ambani's financial activities. As the investigation progresses, both the ED and the Income Tax Department will collaborate to uncover any potential irregularities and determine the appropriate course of legal action against Anil Ambani.

 

"Exciting news! Mid-day is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest news!" Click here!

Register for FREE
to continue reading !

This is not a paywall.
However, your registration helps us understand your preferences better and enables us to provide insightful and credible journalism for all our readers.

Mid-Day Web Stories

Mid-Day Web Stories

This website uses cookie or similar technologies, to enhance your browsing experience and provide personalised recommendations. By continuing to use our website, you agree to our Privacy Policy and Cookie Policy. OK