After skipping Friday’s summon, Anil Ambani, through a media release shared exclusively with Financialexpress.com, said he will be available at any date and time suitable to the Enforcement Directorate (ED) in the probe related to Foreign Exchange Management Act (FEMA). The company statement also stated that ED summons to the ADAG Group chairman pertain solely to recording his statement.
“Anil D. Ambani has offered to make himself available for the recording of his statement at any date and time suitable to the ED, via virtual appearance or recorded video. He is ready to join the investigation at any time,” his spokesperson said in a statement on Monday, November 17.
Rs 100 crore hawala trail linked to Jaipur–Reengus highway project
The investigation pertains to the Jaipur–Reengus Highway Project, where the ED suspects that funds worth about Rs 100 crore were sent abroad through the hawala route.
According to PTI, the ED has recorded the statements of various individuals, including some alleged hawala dealers, after which the agency decided to summon Ambani. Hawala refers to the illegal movement of funds, largely in cash.
Anil Ambnai says 2010 FEMA case not linked to foreign exchange issues
“The matter (FEMA case) is 15 years old, dates to 2010, and concerns issues associated with a road contractor,” the statement said.
In 2010, Reliance Infrastructure was awarded an EPC contract for the construction of the JR Toll Road (Jaipur-Ringus Highway), it said.
“This was a purely domestic contract with no foreign exchange component involved whatsoever.
“The JR Toll Road has been fully completed and, from 2021 onwards has been with the National Highways Authority of India (NHAI) for over past four years,” the statement added.
ED questions Anil Ambani in Rs 17,000 crore bank fraud case
Chairman of Anil Dhirubhai Ambani Group had earlier been questioned by the ED in a money laundering case linked to an alleged Rs 17,000 crore worth bank fraud against his group companies.
A spokesperson for the Anil Ambani also clarified that Anil Ambani, for about 15 years — from April 2007 to March 2022 — served only as a non-executive director at Reliance Infrastructure, and was not responsible for the day-to-day operations of the company.
Share price of Anil Dhirubhai Ambani Group companies
The share price of Reliance Infrastructure has seen a significant decline of 29.51% in last six months.
The share price of Reliance Power is down 6.86% in past six months.
The share price of Reliance Communication also declined 2.26% in the last six months