Lawstreet Journal

Switzerland orders Swiss Bank to Share Details of Anil Ambani’s Account with India

Lawstreet Journal 19 May 2021 1:08am

Image courtesy: Lawstreet Journal Business Switzerland orders Swiss Bank to Share Details of Anil Ambani’s Account with India

The Swiss federal court has agreed to share information with Indian authorities regarding the bank account of Anil Ambani, Tina Ambani and their two children, the Swiss publication Gotham City has reported.

Newslaundry has a copy of the Supreme Court ruling of April 29th approving a request for mutual assistance from Indian finance ministries Foreign Tax and Research division. It has requested details of Ambani’s Swiss bank account covering the period from April 2011 to September 2018 to examine many offshore structures in which the reliance group head seems to have financial interests.

The court ruling doesn’t explicitly name the Ambani family but Gotham City confirmed from court documents that the person referred to in it as A, B, C and D are, Anil Dhirubhai Ambani, Tina Anil Ambani, Jai Anmol Anil Ambani and Jai Anshul Anil Ambani. They were defended in the court by Frederick Serra.

Francois Pilet, the reporter of the story, stated that “as court reporters we are allowed to see the names of the parties in every decision on the Swiss Supreme Court. This is only possible by going in person to the clerk’s office.”

He continued that, Switzerland has seen a rise in the number of tax requests from India s of this year and all of them have been approved by the Federal Supreme Court. 

This is a major development because Swiss banking secrecy laws have for many decades made it nearly impossible for governments to seek information regarding suspected money laundering through the country’s private banks.

Swiss law requires… Continue Reading...

Tagged: Anil Ambani  
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