ED seizes luxury cars, cash & jewellery in Odisha in Rs 1,396 Cr bank fraud case

New Delhi, Aug 31 (UNI) The Enforcement Directorate (ED) on Sunday said that they recently conducted raids in Bhubaneswar, Odisha, at the premises belonging to businessman Shakti Ranjan Dash and his Anmol Mines Private Limited (AMPL) in connection with a Prevention of Money Laundering case related to an alleged bank fraud of approximately Rs 1,396 crore and seized luxury vehicles and assets.
“We seized ten luxury vehicles and three superbikes, including a Porsche Cayenne, Mercedes Benz GLC, BMW X7, Audi A3, Mini Cooper, and a Honda Gold Wing bike.

The total value of these vehicles is estimated to be over Rs 7 crores. Apart from this cash amounting to Rs 13 lakh, jewellery worth approximately Rs 1.12 crore. Various incriminating records related to immovable properties. And two bank lockers belonging to Dash were also frozen,” said ED.
The searches targeted the residential premises of businessman Shakti Ranjan Dash and the offices of his companies, Anmol Mines Private Limited (AMPL) and Anmol Resources Private Limited (ARPL).

The investigation stems from a First Information Report (FIR) filed by the CID of Himachal Pradesh Police against M/s Indian Technomac Company Ltd (ITCOL) and its promoters.

They are accused of conspiring with officials and chartered accountants to siphon off loans taken from a consortium of banks led by the Bank of India between 2009 and 2013.

According to the ED, ITCOL secured these loans by submitting forged project reports and showing fake sales to shell companies. The funds were allegedly not used for their sanctioned purposes.

Proceeds of Crime Diverted to Odisha Firm The ED’s probe revealed that ITCOL and its related shell entities diverted a sum of Rs 59.80 crore into the bank accounts of Shakti Ranjan Dash’s company, Anmol Mines Private Limited.

The agency alleges that Dash “knowingly assisted” Rakesh Kumar Sharma, the promoter of ITCOL, in diverting the bank funds and using them for mining activities in Odisha.

This money, classified as “Proceeds of Crime” (PoC), was then integrated and projected as untainted funds in AMPL’s account books.

This is not the ED’s first action in this extensive fraud case. The agency had previously attached assets worth Rs 310 crores.

In a significant move, assets worth Rs 289 crores from that attachment were already returned to the bank consortium in April 2025.
Further investigation into the money laundering case is ongoing.