Bhubaneswar, Odisha: In a major crackdown on money laundering, the Directorate of Enforcement (ED) from Shimla conducted extensive search operations at two locations in Bhubaneswar on Saturday. The raids targeted the residential and business premises of Shakti Ranjan Dash, the Managing Director of M/s Anmol Mines Private Limited (AMPL), in connection with the colossal ₹1396 Crore bank fraud case involving M/s Indian Technomac Company Ltd (ITCOL).
The investigation stems from an FIR filed by the Himachal Pradesh CID against ITCOL and its promoters. The company is accused of siphoning off huge loans obtained from a consortium of banks, led by the Bank of India, between 2009 and 2013 by presenting forged project reports and showing fictitious sales to shell companies.
The ED’s probe revealed that a significant portion of the fraudulent funds, amounting to ₹59.80 Crore, was diverted from ITCOL to the accounts of Dash’s company, M/s Anmol Mines. Investigators allege that Dash knowingly assisted ITCOL’s promoter, Rakesh Kumar Sharma, in laundering the proceeds of the crime by integrating the illicit funds into his mining business and presenting the tainted money as legitimate capital in his company’s books.
During Saturday’s search, the ED seized an impressive collection of high-end vehicles and other valuables. The haul includes 10 luxury cars and 3 superbikes with a combined estimated value of over ₹7 Crore. Among the seized vehicles are a Porsche Cayenne, Mercedes Benz GLC, BMW-X7, Audi A3, Mini Cooper, and a Honda Gold Wing superbike.
In addition to the vehicles, officials also seized ₹13 lakh in cash, jewellery worth approximately ₹1.12 Crore, and several incriminating documents related to immovable properties. Two bank lockers belonging to Shakti Ranjan Dash have also been frozen as the investigation continues.
This action follows the ED’s earlier attachment of assets worth ₹310 Crore in the same case. Of this, assets valued at ₹289 Crore were restituted to the consortium of banks in April 2025.
