In February 2020, Anil Ambani told a London court that his net income is zero. In fact, he was sued by three state-owned banks of China, during whose hearing this statement came. At that time, the court had raised questions about Ambani’s foreign assets, as no information was given about them. Three months later, the court ordered Anil Ambani to pay $716 million to the banks. But he did not do so and said that he neither has any property abroad nor is getting any profit from anywhere.
The Pandora Papers investigation has revealed that the Reliance ADA Group chairman and his representatives have at least 18 foreign companies in locations such as Jersey, the British Virgin Islands and Cyprus.
They were founded between 2007 and 2010, and seven of these companies have received at least $1.3 billion in investments and loans. There are three companies named after Anil Ambani in Jersey – Batiste Unlimited, Radium Unlimited and Huey Investments Unlimited. All of these were created in December 2007 and January 2008.
Batiste Unlimited is owned by Reliance Innovations Pvt Ltd, which is headed by Anil Ambani-owned ADA Group Company. The name of the owner of Huey Investments Unlimited is AAA Enterprises Limited (referred to as Reliance Inceptum Private Limited since 2014) whose promoter company is Reliance Capital.
Records show that in January 2008, two more companies were formed in Jersey, namely Summerhill Limited and Dulwich Limited. The name of their owner is Anoop Dalal, who is the representative of Anil Ambani. Another BVI company named after him is Reindeer Holdings Limited. This company does the work of investment management.
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Three companies, Lawrence Mutual, Richard Equity Limited and German Equity Limited, are also based in Jersey and are owned by a Geneva-based lawyer. Records show that seven firms servicing these companies also got loans for investment against the guarantee of Reliance/Anil Ambani. The money from this investment was diverted by giving loans to other companies.
Anil Ambani owned Northern Atlantic Consultancy Services Group and two of its subsidiaries in the British Virgin Islands. Its names are Northern Atlantic Trading Unlimited and Northern Atlantic Investments Unlimited. These three companies were established in 2010. In March 2018, two of these companies were liquidated.