Anil, Tina Ambani quizzed by ED in foreign exchange violation case. What is it?

Tina Ambani, wife of Reliance ADA Group chairperson Anil Ambani, appeared before the Enforcement Directorate (ED) in Mumbai on Tuesday for questioning in connection with an investigation into the alleged contravention of the foreign exchange law. The investigation, in connection with which Anil appeared a day earlier, is reportedly linked to the Pandora Papers case, which involves the disclosure of offshore investments and assets.

What is the Pandora Papers case involving Anil and Tina Ambani? 5 points

1. Anil Ambani and his wife are currently being investigated by the ED for alleged violations of the Foreign Exchange Management Act (FEMA) in connection with offshore investments and assets. The probe is reportedly related to the Pandora Papers case of 2021.

2. The Pandora Papers, a collection of over 11.9 million confidential files, revealed secret offshore financial dealings and alleged tax havens involving various world leaders, politicians, and public officials in 91 countries, including India. It was the follow-up of the Panama Papers.

3. Anil Ambani, who filed for bankruptcy in a UK court in 2020 , is alleged to have 18 offshore companies in Jersey, the British Virgin Islands (BVI), and Cyprus. These companies, established between 2007 and 2010, have reportedly borrowed and invested at least $1.3 billion.

4. Anil Ambani is among several prominent individuals, including Vinod Adani, Jackie Shroff, Kiran Mazumdar-Shaw, Niira Radia, Sachin Tendulkar, and Satish Sharma, who are mentioned in the Pandora Papers as allegedly having offshore connections.

5. In August last year, the income-tax department issued a notice to Anil Ambani under anti-black money laws for allegedly evading ₹420 crore in taxes on undisclosed funds amounting to over ₹814 crore held in two Swiss bank accounts. Additionally, Ambani has been involved in a money laundering case related to Yes Bank, where he appeared before the ED in 2020 along with other individuals, including Rana Kapoor, the promoter of Yes Bank.