The Enforcement Directorate (ED) has dealt a major blow to a massive bank fraud case, seizing over a dozen luxury vehicles and superbikes worth more than ₹7 crore in Bhubaneswar, Odisha. The raids, conducted on Saturday, targeted the premises of Anmol Mines Pvt. Ltd. (AMPL), Anmol Resources Pvt. Ltd. (ARPL), and their managing director, Shakti Ranjan Dash, in connection with a ₹1,396 crore money laundering scandal linked to Himachal Pradesh-based Indian Technomac Company Ltd (ITCOL). The operation also uncovered ₹13 lakh in cash, jewelry worth ₹1.12 crore, and led to the freezing of two bank lockers belonging to Dash.
The money laundering investigation stems from an FIR filed by the Himachal Pradesh Police CID, which accused ITCOL and its promoters of orchestrating a sophisticated fraud between 2009 and 2013. The ED alleges that ITCOL, in collusion with company staff and chartered accountants, secured loans from a Bank of India-led consortium by submitting forged project reports and fabricating sales to shell companies. The loans, intended for legitimate business purposes, were instead diverted, resulting in a staggering ₹1,396 crore fraud.
Investigations revealed that ₹59.80 crore of the illicit funds were funneled into the accounts of Anmol Mines Pvt. Ltd., with Dash allegedly aiding ITCOL promoter Rakesh Kumar Sharma in channeling these proceeds into mining activities in Odisha. “Dash knowingly integrated these tainted funds, presenting them as legitimate in AMPL’s books,” the ED stated, highlighting the deliberate layering of illicit money.
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The seized assets paint a picture of lavish spending, with the haul including a Porsche Cayenne, Mercedes-Benz GLC, BMW X7, Audi A3, Mini Cooper, and a Honda Gold Wing superbike, among others. This latest action builds on earlier ED efforts, which included attaching assets worth ₹310 crore, of which ₹289 crore was restituted to the victim banks in April 2025.
As the ED intensifies its probe, the seizure underscores the agency’s commitment to dismantling financial networks that exploit India’s banking system. Further investigations are underway to trace additional proceeds of crime and hold all involved parties accountable, with the frozen lockers potentially revealing more evidence of the fraud’s sprawling reach.
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