Bhubaneswar, Aug 31: The Directorate of Enforcement (ED) conducted search operations at multiple locations in Bhubaneswar linked to Odisha-based businessman Shakti Ranjan Dash, as part of an ongoing investigation into a ₹1,396 crore bank fraud under the Prevention of Money Laundering Act, 2002.

The raids, carried out by ED's Shimla unit on Saturday, are connected to a money laundering probe involving M/s Indian Technomac Company Ltd (ITCOL). According to ED sources, the case pertains to fraudulent bank loans secured by ITCOL using forged project reports and fake sales transactions through shell companies between 2009 and 2013.

Dash is the Managing Director of M/s Anmol Mines Private Limited (AMPL) and M/s Anmol Resources Private Limited (ARPL), both of which were among the entities searched. The ED revealed that ₹59.80 crore from ITCOL and related shell firms was funneled into AMPL’s bank accounts. Dash allegedly assisted ITCOL promoter Rakesh Kumar Sharma in laundering the diverted funds, which were then used to support mining operations in Odisha.

“The funds, classified as proceeds of crime, were integrated into the accounts of Anmol Mines Pvt. Ltd. and presented as legitimate business income,” the ED stated.

During the searches, the agency seized 10 luxury vehicles and three high-end bikes linked to Dash and his businesses. The seized assets include a Porsche Cayenne, Mercedes-Benz GLC, BMW X7, Audi A3, Mini Cooper, and a Honda Gold Wing motorcycle, collectively valued at over ₹7 crore. Additionally, officials recovered ₹13 lakh in cash, jewellery worth approximately ₹1.12 crore, and incriminating documents related to immovable properties. Two lockers in Dash’s name were also frozen.

Previously, the ED had attached assets worth ₹310 crore in the case, of which ₹289 crore was returned to the consortium of banks led by the Bank of India in April.

The investigation was initiated based on an FIR filed by the CID of Himachal Pradesh Police against ITCOL and its promoters.

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