03 July,2023 07:59 PM IST | Mumbai | Faizan Khan
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.
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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.
