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Ambani Brother Faces Black Money Act!
By: Tupaki Desk | 6 Jun 2022 10:39 AM GMT
The Ambani brothers are the classic example of how perfect financial planning is a crucial aspect of increasing wealth. While Mukesh Ambani succeeded in this aspect and emerged as the richest person in India and as one of the richest persons in Asia, Anil Ambani failed and is now facing a mountain of debts not only in India but abroad as well.
The Income Tax Department had raided the premises of his house and offices earlier. Now the government agency has shocked Anil Ambani by slapping the Black Money Act (BMA) against him on the grounds of alleging the detection of undeclared offshore assets and investments.
It has to be mentioned here that Anil Ambani went bankrupt and a case on his financial status reached a court in the United Kingdom. Just like any other fugitive businessman, Anil Ambani also said that he is broke and he went bankrupt.
Despite this, the Income Tax Department has a few doubts that Anil Ambani floated a few bogus companies and the assets and investments linked to these companies did not come into the records. The government agency started digging into the matter and began searching for such companies.
As a big blow to Anil Ambani, the Mumbai branch of the Income Tax Investigation department reportedly detected assets and investments worth Rs 800 crores that were not detected. On the same grounds, a Black Money Act notice was slapped against Anil Ambani. A final order was also issued by the government agency in March this year.
It has to be mentioned here that the Income Tax Department has been digging deeper into the alleged assets that went unnoticed since 2019. Back in 2019, a notice has been served to Anil Ambani, the Chairman of the Reliance (ADA) Group. After years of a detailed probe, the Income Tax department found the pieces of evidence and slapped the act against Anil Ambani.
The assets, investments, and transactions in the bank accounts that are related to the alleged undeclared offshore assets were attached. The majority of assets and investments belong to the Bahamas and the British Virgin Islands, which are believed to be owned by Anil Ambani.
The Income Tax Department had raided the premises of his house and offices earlier. Now the government agency has shocked Anil Ambani by slapping the Black Money Act (BMA) against him on the grounds of alleging the detection of undeclared offshore assets and investments.
It has to be mentioned here that Anil Ambani went bankrupt and a case on his financial status reached a court in the United Kingdom. Just like any other fugitive businessman, Anil Ambani also said that he is broke and he went bankrupt.
Despite this, the Income Tax Department has a few doubts that Anil Ambani floated a few bogus companies and the assets and investments linked to these companies did not come into the records. The government agency started digging into the matter and began searching for such companies.
As a big blow to Anil Ambani, the Mumbai branch of the Income Tax Investigation department reportedly detected assets and investments worth Rs 800 crores that were not detected. On the same grounds, a Black Money Act notice was slapped against Anil Ambani. A final order was also issued by the government agency in March this year.
It has to be mentioned here that the Income Tax Department has been digging deeper into the alleged assets that went unnoticed since 2019. Back in 2019, a notice has been served to Anil Ambani, the Chairman of the Reliance (ADA) Group. After years of a detailed probe, the Income Tax department found the pieces of evidence and slapped the act against Anil Ambani.
The assets, investments, and transactions in the bank accounts that are related to the alleged undeclared offshore assets were attached. The majority of assets and investments belong to the Bahamas and the British Virgin Islands, which are believed to be owned by Anil Ambani.
