ED Conducts Major Raids in Odisha Over Bank Fraud Case Involving ITCOL
The Enforcement Directorate has executed extensive search operations in Bhubaneswar, Odisha, linked to a major bank fraud case involving Indian Technomac Company Limited (ITCOL). The raids resulted in the seizure of luxury vehicles, jewelry, and substantial cash. Investigations reveal that the company allegedly secured loans through fraudulent means, leading to significant financial misconduct. This article delves into the details of the operation, the items confiscated, and the ongoing investigation into the case.
| Aug 31, 2025, 12:03 IST
ED's Search Operations in Bhubaneswar
The Enforcement Directorate (ED) has launched significant search operations at two locations in Bhubaneswar, Odisha, linked to a substantial bank fraud case involving Indian Technomac Company Limited (ITCOL). During this operation, the ED seized several luxury vehicles, jewelry, and cash exceeding ₹8 crores.
Details of the Seizure
The searches were conducted on August 30 under the Prevention of Money Laundering Act (PMLA). The ED targeted the residence of businessman Shakti Ranjan Dash and the premises of his companies, Anmol Mines Private Limited (AMPL) and Anmol Resources Private Limited (ARPL), where Dash serves as managing director.
Luxury Items and Cash Confiscated
During the raids, officials confiscated over ₹7 crores worth of 10 luxury cars and 3 superbikes, including a Porsche Cayenne, Mercedes-Benz GLC, BMW X7, Audi A3, Mini Cooper, and a Honda Gold Wing motorcycle. Additionally, ₹13 lakhs in cash, jewelry valued at ₹1.12 crores, and incriminating documents related to real estate were also recovered. Two bank lockers registered under Dash's name have been sealed.
Background of the Case
According to the ED, ITCOL and its promoters secured loans amounting to approximately ₹1,396 crores from a consortium of banks led by the Bank of India between 2009 and 2013. It is alleged that these loans were obtained through forged project reports and fictitious companies, which were subsequently misappropriated.
Investigation Findings
Investigations revealed that ₹59.8 crores from this fraud were transferred to AMPL's accounts. Investigators claim that Shakti Ranjan Dash assisted ITCOL's promoter, Rakesh Sharma, in legitimizing these funds by investing them in mining activities in Odisha.
Previous Asset Seizures
In connection with this case, the ED has already seized assets worth ₹310 crores, of which ₹289 crores were returned to the banking group in April 2025.
Official Statement
ED, Shimla has conducted search operations on 30.08.2025 at residential premises of Shakti Ranjan Dash and related entities 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