I think it depends on a bandwidth, and the exact limits, not a single frequency. You could modulate a band extending from, say, 100 kHz to
120 kHz, with a 150 kHz carrier, producing a modulated band from 30 kHz to 50 kHz. Then you could recover the original band at a receiver with a local oscillator of 150 kHz. As long as there is no overlap of frequency bands, there's no ambiguity or aliasing. This assumes the frequency bands produced can be isolated with filters, which they can in the case mentioned. On the other hand, if you modulated a band from 20 Hz to 120 kHz with a 150 kHz carrier, there would be no way to distinguish, and separate by filters, all the frequencies coming out of the modulator. For example, an input signal of 76 kHz in the input band would be present in the output as 76 kHz (itself) and 74 kHz. A 74 kHz input would likewise be present as 76 kHz and 74 kHz, and there would be no way to separate the two signals.You could go to just under 75 kHz, theoretically, but that's well above audio in any case.
-- John