I-T Notices Sent to Mukesh Ambani's Family for Undisclosed Foreign Assets | Black Money notice

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I-T Notices Sent to Mukesh Ambani's Family for Undisclosed Foreign Assets | Black Money notice

The notices were reportedly served on March 28, 2019, under provisions of the 2015 Black Money Act, after an investigation aided by information received from agencies in several countries.

In 2011, after the government received details of an estimated 700 Indian individuals and entities holding accounts in HSBC Geneva, an investigation called Swiss Leaks by the Indian Express and the International Consortium of Investigative Journalists found the actual number of account holders to be 1,195 and revealed that 14 HSBC Geneva bank accounts, with a balance of $601 million held by offshore entities in tax havens, were all linked to the Reliance Group.

Details of the Income Tax 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.

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