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 the Rs 1,396-crore Indian Technomac bank fraud case.
During the raids, the agency seized 10 luxury cars and three superbikes worth over Rs 7 crore, including a Porsche Cayenne, Mercedes-Benz GLC, BMW X7, Audi A3, Mini Cooper and a Honda Gold Wing motorcycle.
Officials also recovered jewellery valued at Rs 1.12 crore, Rs 13 lakh in cash, incriminating documents related to immovable properties and froze two lockers belonging to Shakti Ranjan Dash.
The searches were conducted at two locations, including Dash’s residence and the offices of his companies, M/s Anmol Mines Private Limited (AMPL) and M/s Anmol Resources Private Limited (ARPL).
According to the ED, the raids 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 involving M/s Indian Technomac Company Ltd (ITCOL).
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Investigators said ITCOL and its directors fraudulently obtained loans between 2009 and 2013 from a consortium of banks led by the Bank of India. The loans were secured by submitting forged project reports and by showing fake sales to dummy and shell companies. The funds, however, were never used for the sanctioned purposes.
Earlier, 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.
The probe also revealed that ITCOL and its shell companies diverted about Rs 59.80 crore into the accounts of Anmol Mines Private Limited in Odisha.
The ED said in a statement, “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. Thus, Shakti Ranjan Dash integrated the said amount (Proceeds of Crime) in the bank accounts of M/s Anmol Mines Pvt Ltd, which then projected this tainted money as untainted money in its books of accounts.”
The ED confirmed that the investigation remains ongoing.
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