Anil Ambani attends the ED hearing in the FEMA case

Anil Ambani, the chairman of the Reliance ADA Group, appeared before the Enforcement Directorate (ED) on Monday and provided a statement in connection with an inquiry into a potential violation of the foreign currency regulations, according to official sources.

Ambani, 64, was fired from the federal agency’s headquarters in south Mumbai.

The sources said without going into more detail that Ambani’s comment was documented as part of a new lawsuit brought under different provisions of the Foreign Exchange Management Act (FEMA).

The businessman testified before the ED in a money laundering case involving Yes Bank founder Rana Kapoor and other others in 2020.

According to the anti-black money statute, the income-tax department issued a notice to Ambani in August of last year for allegedly dodging taxes on undeclared cash totaling more than Rs 814 crore kept in two Swiss bank accounts by Rs 420 crore.

In March, the Bombay High Court issued a temporary injunction against the I-T show-cause notice and penalty demand.