Everyone was surprised by the news of Asia’s richest man and chairman of Reliance Industries Limited (RIL), Mukesh Ambani, who has reportedly left India with his family to acquire the Stoke Park estate in London recently. The report had suggested that the Ambanis were celebrating this Diwali in the new home and that they would soon split the time between their homes in Mumbai and London.
But following a storm of tweets, where netizens suggested that Ambani’s departure from India would amount to a flight of capital from the country, RIL released a statement rejecting all rumors that the Ambani family had chose London over India.
âA recent newspaper report led to unwarranted speculation on social media about the Ambani family’s plans to partially reside in Stoke Park, London. RIL would like to clarify that the president and his family do not intend to move or reside in London or elsewhere, “said the statement released by RIL on November 6.
The Ambani family is part of business folklore in India, with their father, Dhirubhai Ambani, representing the epitome of rags to wealth history.
So what made people believe that Ambani, who recently entered the $ 100 billion personal fortune club and is in the race to become the richest man in the world, will be leaving? India?
Several reasons made the news of the Ambani family’s departure from India credible. We list the most important.
High Net Worth Individuals (HNIs) leave India
A recent Global Wealth Migration Review found that nearly 5,000 millionaires, or 2% of the total number of HNIs in India, left the country in 2020. India topped the list for the year and was second l ‘last year. Since India does not allow dual citizenship, staying in more developed countries requires giving up the Indian passport.
This comes at a time when the ruling party and the opposition are engaged in a heated debate over the definition of the idea of ââpatriotism, with one calling the other less patriotic or even traitorous on trips to the United States. seemingly harmless stranger.
The president of India’s oldest political party, Sonia Gandhi, is often accused of allegiance to Italy, her country of birth, by politicians of the ruling Bharatiya Janata (BJP) party.
Political attacks against Ambanis
The Ambani family, since 2014, has been attacked by two political parties: the Aam Aadmi Party (AAP) and the Congress.
In 2014, Delhi Chief Minister Arvind Kejriwal ordered the state’s anti-corruption wing to file a case against Mukesh Ambani with former oil minister Veerappa Moily, in the case of windfall gains for RIL due to the decision of the United Progressive Alliance (UPA) government. double the price of natural gas in the country.
While nothing has happened against Ambani for all these years, Rahul Gandhi, who heads the Congress, has kept Ambanis and Adanis at the center of his political sarcasm aimed at Prime Minister Narendra Modi. Gandhi accused Modi of devising every policy to benefit Ambani, Adani and a few other businessmen in the country since he became Prime Minister of India in 2014. Gandhi’s famous jibe ” Suit Boot Ki Sarkar, âmade in his parliamentary debate in 2015, forced the Modi government to delay the idea of ââa corporate tax cut for four years, according to former chief economic adviser Arvind Subramanian.
In a country where the fortunes of businessmen fluctuate alongside that of political parties, Ambani becoming the center of politics for the country’s main opposition party is a source of concern.
Bomb threat outside Ambani’s house
Earlier this year, a car with 20 explosive gelatin sticks and a threat letter was found outside Mukesh Ambani’s residence in Mumbai, âAntiliaâ. The case became complicated after the car’s owner, Thane-based businessman Mansukh Hiren, was found dead a week later.
The arrest of notorious Mumbai dating specialist Sachin Vaze by the National Investigation Agency has caused even greater turmoil in the country. He has been accused of being the mastermind of the bomb threat. Vaze was in charge of the investigation in the case before he was arrested.
Investigation abroadm Case of assets
In 2019, the Mumbai Unit of the Income Tax Department sent notices to the entire Ambani family, including Mukesh Ambani, his wife Nita Ambani and their three children. The notices were served on March 28, 2019, under the Black Money Act, for their “undisclosed foreign income and assets,” according to a report by The Indian Express.
While RIL denied the allegations in a statement, it is important to note that in 2011 an article in the same newspaper claimed that several prominent businessmen, including Mukesh Ambani, had undisclosed foreign accounts. While having an overseas bank account is not illegal, the report claimed that account holders in the HSBC exhibit did not disclose the assets they held overseas.
Diwali and the Hindu community of India
A widespread custom among the Indian Hindu business community is to celebrate Diwali in their own homes. In case of multiple houses, this holiday is celebrated at the family’s primary residence, a custom that symbolizes attempts to ensure that the Goddess of Wealth or Lakshmi remains at home. What made Ambani’s rumor credible was the fact that the family are said to have spent Diwali at their newly acquired London residence. So does the London residence become their permanent home? Internet users have conjectured.
While the Ambani have denied the claim they have moved their London base to their new mansion, India will be keeping an eye on how much time the Ambani family will spend in London for years to come.