After ED Raid, LOC Issued Against Anil Ambani in ₹17,000 Crore Scam

Business News: The Enforcement Directorate has taken major action against the country's big industrialist Anil Ambani. Recently, ED raided his places. Now in this case, LOC, i.e., Look Out Circular, has been issued against him. This step was taken to speed up the investigation. Sources say that this decision was taken when the agency suspected that Ambani might go abroad.

After the issuance of the LOC, his name has been put on the alert list at airports and border checkpoints. Due to this, he will not be able to leave the country. This step is a part of the ongoing investigation under the Money Laundering Prevention Act. After this action, there has been a stir in the business world and political circles as well. 

17 thousand crore allegation

ED's investigation is related to the alleged loan scam of Rs 17,000 crore. This amount is under investigation due to questions on loans taken from several banks and their use. It is believed that this case was on the radar of the agency for a long time.

Interrogation fixed for August 5

According to sources, Anil Ambani has been summoned to appear at the ED headquarters in Delhi on August 5. In this interrogation, he will be asked to answer on the use of the loan amount and the documents related to it.

Many layers opened with red

Last week, ED raided 35 locations in Mumbai and other cities. During this, documents and digital data related to about 50 companies and 25 people were recovered. The investigating team is now analyzing this data.

What does LOC mean?

The lookoutcircular means that Anil Ambani will no longer be able to travel abroad. His name has been put on the alert list at airports and border checkpoints. This step is often taken when the investigating agency suspects absconding.

Keep an eye on companies too

ED's investigation is not limited to Anil Ambani only. The accounts and transactions of many companies associated with his Reliance Group and their directors are also being thoroughly investigated. The agency suspects that the money was used contrary to the agreed terms.

The next step will be decided after the inquiry

Now the next step in this case will be decided after questioning Anil Ambani. If his answers are not satisfactory, then ED can take further action. Given the seriousness of the case, this investigation can go on for a long time.