'Bankrupt' Anil Ambani's Rs 800 crore offshore assets detected

The Income Tax Investigation Wing's Mumbai branch has detected undeclared offshore assets and investments of Anil Ambani, Chairman of the Reliance (ADA) Group. Against this, the agency has also passed a final order in March 2022 case under the 2015 Black Money Act.

The Black Money Act order was filed following the issuance of notices to the industrialist on a web of alleged undeclared offshore assets, the first in 2019.

The order lists offshore entities and details of transactions in linked bank accounts adding up to over Rs 800 crore. The order has detailed Anil Ambani’s Beneficial Ownership of entities in two offshore havens, the Bahamas and the British Virgin Islands.

In February 2020, Ambani had declared to a UK court that he was "bankrupt" and his net worth was "zero."