ED seizes BMW, Porsche cars, jewellery, and cash in Odisha raids linked to ₹1,396 cr bank fraud
Bhubaneswar: The Enforcement Directorate (ED) on Saturday seized several luxury cars, jewellery, and cash worth crores during raids in Bhubaneswar as part of a money laundering probe tied to one of India’s biggest bank fraud cases, media reports said.
The searches, conducted at the residence of Odisha-based businessman Shakti Ranjan Dash and the offices of his firms, Anmol Mines Pvt Ltd (AMPL) and Anmol Resources Pvt Ltd (ARPL), led to the recovery of 10 luxury cars and 3 superbikes worth over ₹7 crore, including a Porsche Cayenne, Mercedes-Benz GLC, BMW X7, Audi A3, Mini Cooper, and a Honda Gold Wing motorcycle, according to an India Today report.
ED, Shimla has conducted search operations on 30.08.2025 at residential premises of Shakti Ranjan Dash and related entites 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
The ED also seized jewellery worth ₹1.12 crore, ₹13 lakh in cash, incriminating property documents, and froze two lockers belonging to Dash.
The raids were carried out under the Prevention of Money Laundering Act (PMLA), 2002, in connection with the ₹1,396 crore bank fraud case involving M/s Indian Technomac Company Ltd (ITCOL).
According to the ED, ITCOL and its directors fraudulently obtained loans between 2009 and 2013 from a consortium of banks led by the Bank of India by “submitting forged detailed project reports before the banks and by showing fake sales to dummy/shell companies.”
The loans, however, were never used for their sanctioned purposes.
Earlier, the ED had attached assets worth ₹310 crore in the case, out of which assets worth ₹289 crore were restituted to the consortium of banks in April 2025.
Investigations have revealed that ITCOL and its shell companies diverted about ₹59.80 crore into the accounts of Anmol Mines Pvt Ltd.
The ED said, “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 agency confirmed that investigations in the matter are still underway.
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