Anil Ambani offers to appear virtually before ED in FEMA Case

Businessman Anil Ambani has agreed to appear before the Enforcement Directorate (ED) in a 15-Year-Old FEMA Case. In his request the Reliance Group chairman said he is available to appear before the investigating agency through video conferencing, after summons were issued to him under the Foreign Exchange Management Act (FEMA).
for Friday.

A statement issued by a spokesperson of the 66-year-old industrialist said that Anil has agreed to extend “full cooperation” in the probe.

The summons are for the case related to a FEMA inquiry and not the Prevention of Money Laundering Act (PMLA) that certain sections of the media have reported.

What is the FEMA case?

The investigation is in connection to the alleged transfer of funds linked to the Jaipur–Reengus Highway Project, where the ED suspects nearly Rs 100 crore were illicitly transferred abroad through hawala channels, reported Zee Business.

The project was under the name of Reliance Infrastructure Ltd and was executed under an EPC contract.

What did Anil say?

Anil Ambani's spokesperson while speaking to the media said that the industrialist had no operational role in the company and only served as a non-executive director at Reliance Infrastructure from April 2007 to March 2022

The company says that the JR Toll Road construction completed in 2021 and was handed over to NHAI. Therefore, the question of any foreign exchange regulation violation does not arise.