The Mumbai unit of Income Tax department reportedly issued a notice to Reliance Industries Chairman Mukesh Ambani and his family under provisions of the 2015 Black Money Act.
As reported by a leading daily The Indian Express, the notice was served on march 28, 2019, to Mukesh Ambani, his wife Nita Ambani and their three children – Anant, Akash and Isha Ambani, for their alleged “undisclosed foreign income and assets”.
Going by the report, Indian government in 2011 received details of around 700 Indians holding accounts in HSBC Geneva, prompting the Income Tax department to initiate a probe in the matter.
Simultaneously, an investigation by the International Consortium of Investigative Journalists (ICIJ), called Swiss Leaks, further followed the the case in 2015 and revealed the number of HSBC Geneva account holders to be 1,195.
To the surprise, a cluster of 14 HSBC Geneva accounts, with a balance of 601 million dollars, held by offshore entities in tax havens were all linked through various mediators of the Reliance Group.
Publication further reported that the details of the I-T investigation report dated February 4, 2019 and the notices sent on March 28, 2019 reveal that members of the Ambani family are named as “ultimate beneficiaries” of one of these 14 entities, the Capital Investment Trust, through various foreign and domestic entities.
When the publication tried to reach out Reliance over the allegation, company’s spokesperson denied the receipt of any such notice from Income Tax department.