New Delhi : The Enforcement Directorate (ED) on Saturday carried out major search operations in Bhubaneswar, Odisha, seizing luxury cars, jewellery, and cash worth crores in connection with an ongoing money laundering investigation linked to one of the country’s biggest bank fraud cases.
The ED also recovered jewellery worth Rs 1.12 crore, Rs 13 lakh in cash, incriminating documents related to immovable properties, and froze two lockers belonging to Dash. The raids were conducted at two premises, including the residence of Shakti Ranjan Dash and the offices of his companies, M/s Anmol Mines Private Limited (AMPL) and M/s Anmol Resources Private Limited (ARPL).
The searches were carried out under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, in connection with the Rs 1,396 crore bank fraud case of M/s Indian Technomac Company Ltd (ITCOL). ITCOL and its directors fraudulently obtained loans between 2009 and 2013 from a consortium of banks led by the Bank of India by “submitting forged detailed project reports before the banks and by showing fake sales to dummy/shell companies.
The ED had attached assets worth Rs 310 crore in the case. In April 2025, assets worth Rs 289 crore from this attachment were restituted to the consortium of banks. Investigations revealed that ITCOL and its shell companies diverted about Rs 59.80 crore into the accounts of Anmol Mines Private Limited, Odisha. The ED said, “It was revealed that Shakti Ranjan Dash, MD of AMPL knowingly assisted Rakesh Kumar Sharma (the promoter of M/s ITCOL) in diverting the bank loan funds and utilising the same in the mining activities in Odisha.
Read Also : Maratha Quota Talks Prompt Ajit Pawar to Skip Pune Events