 "FEMA case: Reliance ADA Group chairman Anil Ambani appears before ED")
Reliance ADA Group Chairman 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, official sources said.
Ambani, 64, deposed at the office of the federal agency in south Mumbai where he arrived at around 10 am.
Ambani's statement was recorded as part of a fresh case filed under various sections of the Foreign Exchange Management Act (FEMA), the sources said without elaborating.
He came out of the ED office at around 6 pm.
The industrialist had appeared before the ED in 2020 in a money laundering case against Yes Bank promoter Rana Kapoor and others.
In August last year, the income-tax department issued a notice to Ambani under the anti-black money law for allegedly evading Rs 420 crore in taxes on undisclosed funds of more than Rs 814 crore held in two Swiss bank accounts.
The Bombay High Court, in March, ordered an interim stay on this I-T show-cause notice and penalty demand.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%