The Enforcement Directorate (ED) questioned Reliance Anil Dhirubhai Ambani Group (ADAG) chairman Anil Ambani in a forex violation case linked to allegations that appeared in Pandora Papers. Ambani was at the ED office for around eight hours to record his statement and left around 6 pm. ED had summoned his wife, Tina Ambani, too, but she failed to appear. The ED may issue fresh summons to her. An ADAG spokesperson declined to comment on the development.
ED is investigating the case under the Foreign Exchange Management Act (FEMA) where Anil Ambani allegedly brought huge money to India around 2007 in the form of foreign direct investment (FDI) in his companies. It was alleged that Ambani and his associates’ companies showed that they had raised loans abroad before bringing the money to India under FDI through the banking channel. Around 2015, the money was sent abroad, showing it as repayment. The amount brought in was still to be quantified but sources indicated that it could be around £200 million. ED is investigating if the money was brought in as loan or FDI and accordingly will decide its further course of action. ED is also investigating if Anil Ambani is holding the money abroad that was repaid to offshore firms.
The ED is investigating 18 offshore firms, including Batiste Unlimited, which were directly or indirectly linked to Anil Ambani, in Jersey, British Virgin Islands and Cyprus. These firms were incorporated between 2007 and 2008 and it was alleged that these availed of loans from various banks after 2007.