Mumbai: The Mumbai unit of the Income Tax Department has issued notices to Reliance Industries chairman, Mukesh Ambani, his wife Nita Ambani and their three children – Anant, Akash and Isha. The Indian Express reports that the notices were sent to Reliance Industries’ first family under provisions of the 2015 Black Money Act. The notices were sent on March 28 this year citing "undisclosed foreign income and assets". Reliance Industries has responded by denying receiving any such notice from the I-T Department.
The Ambanis reportedly came under the scanner during a larger inquiry initiated by the IT Department in 2011. The inquiry included around 700 Indian individuals and companies that were being investigated for having accounts in HSBC Bank in Geneva; this number increased to 1,195 after the 'Swiss Leaks' episode in February 2015.
According to The Indian Express report, a total of 14 HSBC bank accounts with a cumulative balance of $601 million (over Rs 4,200 crore) were allegedly connected through a complex web of offshore entities in tax havens to the Reliance Group. The IT Department notice names the Ambani family as the "ultimate beneficiaries" of at least one of these 14 accounts – the Capital Investment Trust.
Apart from Capital Investment Trust, the IT Department notice also lists Harinarayan Enterprises, Thames Global Limited, Antalis Management Limited and Infrastructure Company limited. The Ambani family have been asked to show pertinent evidence in their support; first hearing in the case has already taken place on April 12, 2019.