The Directorate of Enforcement (ED) conducted search operations at locations linked to an Odisha-based businessman, Shakti Ranjan Dash, in Bhubaneswar on Saturday. The raids were related to an ongoing money laundering investigation in a bank fraud case involving M/s Indian Technomac Company Ltd (M/s ITCOL) and around Rs 1,396 crore. The ED sources revealed that the searches were carried out at the residential premises of Dash and the business premises of companies in which he is the Managing Director, including M/s Anmol Mines Private Limited (AMPL) and M/s Anmol Resources Private Limited (ARPL).
The investigation was initiated based on an FIR registered by the CID, Himachal Pradesh Police, against M/s ITCOL and its promoters, alleging that the directors of M/s ITCOL had siphoned off loans availed from a consortium of banks. The ED found that M/s ITCOL had obtained loans by submitting forged detailed project reports and showing fake sales to dummy/shell companies. The loans were not utilized for the purposes they were sanctioned for, and the bank fraud amount was approximately Rs 1,396 crore.
During the search operations, the ED seized various incriminating records related to immovable properties, 10 luxury vehicles, and 3 super bikes worth more than Rs 7 crore. Cash amounting to Rs 13 lakh, jewelry worth Rs 1.12 crore, and two lockers belonging to Dash were also frozen. The ED had earlier attached assets worth Rs 310 crore in this case, and assets worth Rs 289 crore had been restituted to the consortium of banks led by Bank of India.
The investigation revealed that M/s ITCOL and its related shell entities had diverted Rs 59.80 crore into the bank accounts of M/s Anmol Mines Private Limited, Odisha (AMPL). The ED also ascertained that Dash had knowingly assisted the promoter of M/s ITCOL in diverting the bank loan funds and utilizing them in mining activities in Odisha. The seized luxury vehicles and super bikes include a Porsche Cayenne, Mercedes-Benz GLC, BMW X7, Audi A3, Mini Cooper, and Honda Gold Wing Bike, among others. The ED has frozen two lockers belonging to Dash, and the investigation is ongoing.