The February 2015 Indian Express investigation named Mukesh Ambani and Anil Ambani among prominent Indian businesspeople in leaked data from HSBC’s Swiss private-banking arm. That reporting concerned account records for 2006–07; a name appearing in the data did not by itself establish that an account was undeclared, illegal, or evidence of tax evasion. Representatives for both men issued denials at the time.
What the Express investigation found
The Indian Express published its investigation with Le Monde and the International Consortium of Investigative Journalists (ICIJ) on February 9, 2015. The collaboration, known as Swiss Leaks, examined documents from HSBC’s Swiss private-banking arm. The account data covered 2006–07, not the account holders’ current financial circumstances.
The Express named Mukesh Ambani and Anil Ambani among prominent businessmen identified in the records. Its article also listed other businessmen, diamond traders, politically connected people, and non-resident Indians or people of Indian origin. The fact that people appeared in the same reporting does not mean the evidence or circumstances were identical for each person. The Indian Express investigation
How the Indian client count was screened
The Express said it began with 1,688 India-linked entries and, after three months of checking, identified 1,195 Indian HSBC clients. The starting entries were identified using indicators such as nationality, place of birth, addresses, and the location or issuing country of identity documents. The Express said some entries were duplicates and some related to people who had moved to Pakistan after Independence. These were the investigation’s screening figures—not a count of proven illegal accounts or tax offences. The Indian Express explainer
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The Express also reported that French authorities had provided India with 628 names in 2011 and that these were included in the larger list. It described the worldwide data as covering more than 100,000 HSBC clients across 203 countries, with an aggregate balance of $102.05 billion. Those figures describe the source data as reported by the Express; they are neither India-specific totals nor amounts attributed to the Ambanis.
What appearing on the list does—and does not—show
A record in leaked bank data is not, on its own, proof that an account was unlawful or undeclared to Indian tax authorities. The Express cautioned that the list could include account holders who had permission and declared their accounts, as well as people authorities considered to have undeclared accounts and who might face tax, penalties, or prosecution. Determining an individual’s tax status would require evidence beyond the fact that a name appeared in the dataset.
The terms “Swiss account” here refer specifically to accounts in HSBC’s Swiss private-banking data. The reporting does not support extending that description to every Swiss bank or treating the balances in the 2006–07 records as current. The Indian Express explainer
What the Ambanis’ representatives said in 2015
A February 9, 2015 PTI report carried by India Today quoted a Reliance Industries spokesperson as saying: “Neither Reliance Industries nor Mr Mukesh Ambani have or had any illegitimate bank accounts anywhere in the world.” An Anil Ambani spokesperson said: “Mr Ambani does not have any HSBC overseas account”. These were statements by company and individual representatives reported at the time, not findings by a court or regulator. India Today’s report
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How separate 2019 reporting relates
In September 2019, The Indian Express reported that the Income Tax Department had served notices under the 2015 Black Money Act on members of Mukesh Ambani’s family over alleged undisclosed foreign income and assets. The article described departmental allegations involving trusts, offshore entities, and ultimate beneficiaries. A Reliance spokesperson responded: “We deny all the contents of your email including receipt of any such notice.” The opened report does not establish a final legal outcome. Those later allegations and the reported denial are separate from the 2015 Swiss Leaks account data; neither report should be treated as proof of the other. The Indian Express’s 2019 report
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