Mumbai: There is more trouble for Anil Ambani.
The Enforcement Directorate (ED) on Friday issued a lookout circular against the Reliance Group Chairman and Managing Director in connection with a suspected Rs 3,000-crore loan fraud and money-laundering case.
Consequently, Anil can no longer travel outside India without court permission.
A week earlier, ED conducted raids on 35 premises, 50 companies and 25 individuals as part of its investigation.
It came just days after the State Bank of India (SBI) classified Reliance Communications and its promoter-director Anil D Ambani as ‘fraud’.
ED found in its preliminary probe that companies linked to Anil were engaged in a carefully-designed scheme to divert public funds and mislead financial institutions. It involved illegal diversion of loans worth around Rs 3,000 crore from Yes Bank, between 2017 and 2019.