Bhubaneswar: The Enforcement Directorate (ED) has launched a major crackdown on ED Raids Odisha businessman Shakti Ranjan Dash, seizing assets worth crores in connection with a massive ₹1,396 crore bank fraud linked to Indian Technomac Company Ltd. (M/s ITCOL). Dash, who is associated with mining companies in Bhubaneswar, is alleged to have played a crucial role in diverting bank loan funds to launder money through his firms.
ED Searches Linked Premises
The searches were carried out on Saturday by the ED’s Shimla unit at Dash’s residential premises and the offices of M/s Anmol Mines Private Limited (AMPL) and M/s Anmol Resources Private Limited (ARPL)—companies where Dash serves as Managing Director.
According to ED officials, the raids were part of an ongoing investigation under the Prevention of Money Laundering Act, 2002 (PMLA). The case traces back to an FIR filed by the Himachal Pradesh Police’s CID against M/s ITCOL and its promoters, who allegedly secured massive loans from banks through fraudulent means.
The Fraudulent Loan Scheme (ED Raids Odisha)
Investigations revealed that M/s ITCOL obtained loans from a consortium of banks led by Bank of India between 2009 and 2013. To secure the funds, the company submitted forged project reports and conducted fake sales transactions with shell companies. Instead of using the money for legitimate business purposes, the funds were diverted elsewhere, leading to a fraud amounting to ₹1,396 crore.
Earlier, the ED had attached assets worth ₹310 crore in this case, out of which assets worth ₹289 crore were restituted to the banks in April this year.
Role of Shakti Ranjan Dash
During the probe, the ED discovered that ₹59.80 crore from ITCOL and its shell entities was transferred into the bank accounts of M/s Anmol Mines Pvt. Ltd., Odisha. Dash allegedly collaborated with ITCOL promoter Rakesh Kumar Sharma to divert these bank loan funds into his mining operations in Odisha.
The agency further stated that Dash deliberately integrated the “proceeds of crime” into the accounts of his companies, disguising illicit money as legitimate revenue. This process of laundering not only helped ITCOL conceal the fraud but also expanded Dash’s mining operations using illegally obtained funds.
High-Value Seizures (ED Raids Odisha)
The search operations led to the seizure of 10 luxury cars, three superbikes, cash, jewellery, and incriminating documents. Among the high-end vehicles seized were:
- Porsche Cayenne
- Mercedes-Benz GLC
- BMW X7
- Audi A3
- Mini Cooper
- Honda Gold Wing superbike
The combined value of these vehicles and superbikes is estimated at over ₹7 crore.
In addition, officials seized ₹13 lakh in cash, jewellery worth around ₹1.12 crore, and important records related to immovable properties owned by Dash and his companies. The agency has also frozen two lockers linked to him.
ED’s Statement
In an official press release, the Enforcement Directorate noted:
“Dash knowingly assisted Rakesh Kumar Sharma, promoter of M/s ITCOL, in diverting bank loan funds into mining operations in Odisha. He integrated the proceeds of crime through M/s Anmol Mines Pvt. Ltd., projecting tainted money as legitimate business income.”
The ED emphasized that such fraudulent practices not only harm the banking sector but also destabilize the economy by enabling large-scale money laundering operations.
READ ALSO – Anjali Raghav Leave Bhojpuri Industry Citing Incident with Co-Star Pawan Singh
Ongoing Probe
The case remains under investigation, has hinted at further action against Dash and other associates linked to the diversion of funds. With assets worth hundreds of crores already attached and restituted, the authorities are now focusing on tracing additional money trails connected to ITCOL’s fraudulent transactions.
The high-profile raids in Bhubaneswar highlight the ED’s intensified efforts to clamp down on financial crimes and money laundering. The seizure of luxury assets, including high-end vehicles and jewellery, underscores the scale of illicit wealth amassed through fraudulent schemes.
As the investigation deepens, more revelations are expected regarding the nexus between ITCOL promoters and business associates like Dash. For now, the action serves as a strong reminder of the consequences of large-scale financial frauds and the vigilance of agencies tasked with safeguarding India’s financial system.
By
