Mumbai: Industrialist Anil Ambani appears before ED in FEMA case

Industrialist Anil Ambani on Monday (July 3) reached the Enforcement Directorate (ED) office in Mumbai. The industrialist had earlier appeared before the ED in 2020 in connection with the Yes Bank loan kickbacks case in which the bank's co-founder Rana Kapoor was arrested.

Ambani reached the ED Mumbai office at 10 am while his office executives waited outside. It is reportedlty said that the industrialist had visited the ED office in a case under the Foreign Exchange Management Act, 1999 (FEMA).

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In September last year, the Bombay High Court gave some relief to Ambani in a Rs 420 crore tax evasion case as it asked the Income Tax department not to take any coercive action against Anil Ambani.

In March 2020, Anil Ambani was questioned by the Enforcement Directorate (ED) with regard to ADAG's position with respect to its exposure to YES Bank. As per Reliance Group spokesperson, Ambani had told the ED officials that all transactions between ADAG and YES Bank were in compliance with the law and financial regulations.

He had said that the group is committed to honour the repayment obligations of all its borrowings from YES Bank through asset monetisation programmes.

In connection with YES Bank founder Rana Kapoor and others, Ambani had said that the Reliance Group has no direct or indirect exposure to Kapoor, his wife or daughters, or any entity controlled by them.

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