Tina Ambani, wife of Reliance ADA Group Chairman Anil Ambani, appeared before the Enforcement Directorate (ED) on Tuesday with an investigation into the alleged infringement of the Foreign Exchange Management Act (FEMA). The latest development follows Anil Ambani’s visit to the ED office, where he furnished his statement regarding the ongoing probe.
As per sources, Anil Ambani’s assertion was kept for another situation enrolled under different areas of FEMA. The examination revolves around the associated ownership with undisclosed resources abroad and the development of connected assets by the industrialist and his wife.
In 2020, the ED recently questioned Anil Ambani in a tax evasion case, along with Yes Bank promoter Rana Kapoor and others. Besides, Ambani got a show-cause notice from the income-tax department in August last year, claiming tax avoidance of Rs 420 crore on undisclosed assets, up to over Rs 814 crore held in two Swiss bank accounts.
Nonetheless, the Bombay High Court gave an interim stay on the income-tax notice and punishment interest in March, providing relief to Anil Ambani.
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