ED Seizes Luxury Cars, Jewellery in ₹1,396 Crore Bank Fraud Probe in Odisha

The Enforcement Directorate (ED) has seized luxury vehicles, jewellery, and cash during extensive raids in Odisha’s capital, Bhubaneswar, as part of an investigation into the ₹1,396 crore Indian Technomac Company Ltd (ITCOL) bank fraud case—one of India’s biggest financial scams.

The agency confirmed that 10 luxury cars and three superbikes worth over ₹7 crore were confiscated, including high-end models such as Porsche Cayenne, BMW X7, Mercedes-Benz GLC, Audi A3, Mini Cooper, and a Honda Gold Wing motorcycle. Additionally, jewellery valued at ₹1.12 crore, ₹13 lakh in cash, incriminating property documents, and two lockers were also seized.

The searches were carried out at two locations: 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). These operations were conducted under the Prevention of Money Laundering Act (PMLA), 2002.

According to the ED, ITCOL and its directors fraudulently availed loans from a consortium of banks led by the Bank of India between 2009 and 2013. The company allegedly submitted forged project reports and inflated sales to shell companies to secure loans, which were subsequently diverted for unauthorized purposes.

Earlier, the ED had attached assets worth ₹310 crore in connection with this case. Of this, assets worth ₹289 crore were restituted to the banking consortium in April 2025.

Investigations further revealed that ITCOL and its shell firms funneled approximately ₹59.80 crore into the accounts of Anmol Mines Pvt Ltd. The ED alleges that Shakti Ranjan Dash, Managing Director of AMPL, knowingly assisted ITCOL promoter Rakesh Kumar Sharma in laundering bank loan funds and integrating them into mining operations in Odisha.

The ED confirmed that the money laundering probe remains active.