India, Aug. 1 -- The Enforcement Directorate (ED) has issued a lookout circular (LOC) against industrialist Anil Ambani as it investigates allegations of loan fraud worth thousands of crores against his group companies, people familiar with the development said on Friday.

The businessman has also been summoned under the Prevention of Money Laundering Act (PMLA) for questioning on August 5, they said.

A LOC is issued to prevent a person of interest from leaving the country and evading the legal process.

"We have issued a LOC against Anil Ambani and issued summons to him on August 5 asking him to appear in Delhi for recording his statement under the PMLA in the loan fraud probe," said an officer. He said Anil Ambani was likely to be aske...