To prevent Anil Ambani from leaving India, the Enforcement Directorate (ED) issued a lookout circular. The announcement came just hours after it summoned the Reliance Group Chairman for questioning on August 5 in connection with an alleged Rs. 17,000 crore bank loan fraud case.
Key Highlights
- ED issues lookout circular barring Anil Ambani from departure amid ₹17,000 cr loan fraud probe.
- Anil Ambani summoned to ED on August 5 amid ₹17,000 cr loan fraud case investigation.
How did the market react to the latest news?
Shares of Anil Ambani's companies, Reliance Power and Reliance Infrastructure, fell up to 5% in early trading on Friday, following news reports that the Enforcement Directorate (ED) had summoned Ambani for questioning on August 5. On the Bombay Stock Exchange, Reliance Power's stock fell 4.82 percent to Rs. 50.30, while Reliance Infrastructure's stock fell 5% to Rs. 311.60.
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What course of action is ED likely to take?
The ED has asked Anil Ambani to report to its New Delhi office for questioning in connection with an investigation into suspected loan fraud and money laundering involving his group companies. The ED intends to take his statement under the Prevention of Money Laundering Act.
Last week, the ED raided 50 business entities and 25 individuals associated with the Reliance Group under the Prevention of Money Laundering Act (PMLA), and at least 35 locations in Mumbai were searched on July 24.
