Black Money Act order against Anil Ambani after Rs 800 crore worth offshore assets detected
The Mumbai branch of the Income Tax Investigation has detected undeclared offshore assets and investments of Anil Ambani, Chairman of the Reliance (ADA) Group. Against this, the agency has also passed a final order in the March 2022 case under the 2015 Black Money Act.
Anil Ambani was sent questions by the investigation team, but he did not respond to those questions.
The Black Money Act order was filed following the issuance of notices to the industrialist on a web of alleged undeclared offshore assets, the first in 2019.
The order lists offshore entities and details of transactions in linked bank accounts that adds up to over Rs 800 crore. Sources said that this figure has been worked out on the basis of the current rupee-dollar rate. The order has detailed Anil Ambani’s Beneficial Ownership of entities in two offshore havens, the Bahamas and the British Virgin Islands (BVI).
In the Bahamas, Anil Ambani established Diamond Trust in 2006 with an offshore company, DreamWorks Holdings Inc. The requests sent by the CBDT to the Bahamas through the Foreign Tax and Tax Research (FTTR) Division revealed that it had a Swiss bank account – with the Zurich branch of UBS Bank.
The second undisclosed offshore company in BVI is North Atlantic Trading Unlimited, incorporated by Anil Ambani in 2010. This company was found to have a linked bank account with the Bank of Cyprus. The entity was one of 18 entities linked to Anil Ambani in the recently published “pandora papers” investigation listed by The Indian Express and was already on the radar of IT officials.
In February 2020, Ambani had declared to a UK court that he was "bankrupt" and that his net worth was "zero."
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