An investigation into potential breaches of the Foreign Exchange Management Act (FEMA) led industrialist Anil Ambani to appear before the Enforcement Directorate (ED) in Mumbai on Monday.
The investigative organisation questioned him on an alleged foreign exchange violation case.
He arrived at the ED office around 10 am, according to sources, and left after giving his statement.
The ED had called Ambani in connection with its investigation into money laundering against Yes Bank promoter Rana Kapoor in March 2020.
According to the ED, Ambani’s group companies were among the large businesses that reportedly had loans defaulted upon after borrowing from the troubled bank.
The group asserted that all of its debt owed to Yes Bank was properly secured and obtained in the normal course of business. According to reports, the bank granted loans totaling roughly Rs 12,800 crore to Ambani’s nine group entities.
The Bombay High Court had instructed the income tax division not to pursue any “coercive action” against the chairman of the Reliance Group in September of last year regarding an alleged tax evasion of Rs. 420 crore.
The court also put on hold a notice of prosecution that the income tax authorities had sent to Ambani for failing to disclose the amount held in two Swiss bank accounts.
Anil Ambani was accused of willful evasion by the income tax department after it claimed that he intentionally withheld information about his foreign bank accounts from tax officials.
He apparently received a show-cause order in this regard in August 2022.
Last week, the Reliance Capital lenders supported the Hinduja Group’s bid of Rs 9,661 crore to purchase the Anil Ambani-owned business.
The company’s lenders supporting a potential purchase by the Hinduja Group-owned IndusInd International Holdings was the cause of the price increase on Monday.
The Reliance Group, headed by Anil Ambani, named Parul Sharma as its president last month.
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