The Enforcement Directorate has conducted a search operation at two places in Bhubaneswar, Odisha in a large bank fraud case associated with M / s Indian Technomac Company Limited (ITCOL). In this action, the ED has seized many expensive luxury vehicles, jewelery and cash of more than Rs 8 crore.
What ED seized in search operation
The search was conducted on 30 August under the Prevention of Money Laundering Act (PMLA). The ED raided the housing of businessman Shakti Ranjan Dash and his companies, Anmol Mines Private Limited (AMPL) and Anmol Resources Private Limited (ARPL). Dash is the managing director of these two companies.
During the raid, the authorities seized 10 luxury cars and 3 superbikes worth more than Rs 7 crore, including Porsche Kayen, Mercedes-Benz GLC, BMW X7, Audi A3, Mini Cooper and a Honda Gold Wing Motorcycle. Apart from this, Rs 13 lakh cash, jewelery worth Rs 1.12 crore, and objectionable documents associated with immovable properties were also recovered. Two bank lockers named Dash’s name have also been sealed.
ED, Shimla has conducted search operations on 30.08.2025 at residential premises of Shakti Ranjan Dash and related entites i.e. M/s Anmol Mines Private Limited (AMPL) and M/s Anmol Resources Private Limited (ARPL) in Bhubaneswar, Odisha under PMLA, in the bank fraud case of M/s… pic.twitter.com/kiCx1gwUqG
– ed (@Dir_ed) August 31, 2025
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What is the whole matter?
According to the ED, ITCOL and its promoters took a loan of about Rs 1,396 crore from a group of banks led by Bank of India between 2009 and 2013. It is alleged that this loan was obtained through fake project reports and fake companies and later embezzled.
Investigation has revealed that an amount of Rs 59.8 crore was sent to AMPL accounts from this fraud. Investigators allege that Shakti Ranjan Dash helped ITCOL promoter Rakesh Sharma to legalize these money by investing in mining activities in Odisha.
In this case, the ED has already seized assets worth Rs 310 crore, out of which assets worth Rs 289 crore were returned to the bank group in April 2025.