Anil Ambani Proposes Virtual Appearance for ED Questioning in Foreign Funding Investigation Under FEMA

Anil Ambani has previously been questioned by the probe agency in a money laundering case.

New Delhi:

Reliance Group chairman Anil Ambani has proposed to appear before the Enforcement Directorate via "virtual means" following FEMA summons issued for Friday.

A spokesperson for the 66-year-old businessman released a statement indicating that Ambani has written to the federal probe agency pledging "fully cooperation" in the investigation being conducted under the Foreign Exchange Management Act (FEMA).

According to sources, the agency had requested Ambani to appear personally on Friday to record his statement under the FEMA.

The investigation focuses on the Jaipur-Reengus Highway Project where the ED suspects approximately Rs 100 crore was transferred abroad through hawala channels.

The ED has collected statements from various individuals, including alleged hawala operators, which led to the decision to summon Ambani, the sources stated.

Hawala refers to illegal movement of funds, predominantly in cash.

The businessman has previously been questioned by the ED regarding a money laundering case connected to an alleged Rs 17,000 crore bank fraud involving his group companies.

"The matter (FEMA case) dates back 15 years to 2010, and concerns issues related to a road contractor," the statement explained.

In 2010, Reliance Infrastructure Ltd. awarded an EPC contract for the construction of the JR Toll Road (Jaipur-Ringus Highway), it noted.

"This was a purely domestic contract with no foreign exchange component involved whatsoever.

"The JR Toll Road has been fully completed and has been under the National Highways Authority of India (NHAI) since 2021 for over four years," the statement further mentioned.

Ambani is not a board member of Reliance Infrastructure.

"He served the company for approximately fifteen years, from April 2007 to March 2022, solely as a non-executive director, and was never involved in the day-to-day management of the company," the statement concluded.