The Enforcement Directorate (ED) has carried out high-profile raids in Bhubaneswar, Odisha, uncovering luxury assets and critical evidence in a massive bank fraud and money laundering case linked to M/s indian Technomac Company Ltd (M/s ITCOL). Here’s what you need to know:


1. Massive bank Fraud Under Investigation

  • The case involves alleged siphoning of bank loans worth Rs 1,396 crore.
  • ED initiated the probe based on an FIR by CID, himachal pradesh Police, accusing ITCOL directors of diverting funds with help from company officials and CAs.
  • The fraudulent loans were obtained between 2009–2013 from a consortium led by Bank of India, with forged project reports and fake sales to shell companies.


2. Targeted Raids on businessman Shakti Ranjan Dash

  • ED conducted search operations on 30 august 2025 at Dash’s residential and business premises.
  • Companies involved include:
    • M/s Anmol Mines Private Limited (AMPL)
    • M/s Anmol Resources Private Limited (ARPL)
  • Dash, a mining entrepreneur, is alleged to have diverted Rs 59.8 crore of illicit funds from ITCOL into AMPL accounts.


3. Luxury Assets Seized

During the raids, ED seized an impressive collection of luxury vehicles and other assets:

  • 10 luxury vehicles, including:
    • Porsche Cayenne
    • Mercedes-Benz GLC
    • BMW X7
    • Audi A3
    • Mini Cooper
  • 3 super bikes, including Honda Gold Wing
  • Cash: Rs 13 lakh
  • Jewellery: Rs 1.12 crore (approx.)
  • Additional assets: Incriminating property records and 2 bank lockers frozen

The estimated value of seized vehicles and bikes alone exceeds Rs 7 crore.


4. How Funds Were Misused

  • ITCOL loans were not utilized for sanctioned purposes; instead, funds were funneled into mining activities and shell companies.
  • Dash is alleged to have laundered proceeds of crime, integrating them into AMPL’s accounts and portraying them as legitimate money.
  • The investigation highlights a well-structured diversion scheme involving multiple entities and dummy companies.


5. Previous ED Actions in the Case

  • Earlier, the ED had attached assets worth Rs 310 crore.
  • Out of these, Rs 289 crore has been restituted to the consortium of banks led by bank of India in april 2025.

This demonstrates ongoing enforcement efforts to recover diverted funds and hold responsible parties accountable.


6. Importance of the Raids

  • The operation underscores ED’s commitment to curbing financial crimes and money laundering.
  • Seizing luxury vehicles, super bikes, cash, and jewellery is symbolic of tackling high-profile financial misconduct.
  • The case also highlights the risks of corporate collusion in siphoning off public bank funds.


7. What’s Next

  • ED will continue forensic audits and scrutinize Dash’s businesses for further illicit activity.
  • Legal proceedings under the Prevention of Money Laundering Act (PMLA, 2002) are ongoing.
  • Recovery of remaining assets and prosecution of all involved parties is expected in the coming months.


In short: The ED raid in Bhubaneswar exposes a complex bank fraud and money laundering network, seizing luxury vehicles, super bikes, jewellery, and cash while signaling that financial crimes will face stringent scrutiny.

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Odisha

G GOWTHAM

31/08/2025 01:50 PM