Editor’s Note
This report details recent Enforcement Directorate raids in Odisha under anti-money laundering laws, targeting assets linked to a bank fraud case involving Anmol Mines Private Limited and Anmol Resources Private Limited.
The Enforcement Directorate (ED) conducted raids at the residence and companies of Shakti Ranjan Dash in Bhubaneswar, Odisha. The raids were carried out under the Prevention of Money Laundering Act (PMLA), 2002. The case is related to Messrs Anmol Mines Private Limited (AMPL) and Messrs Anmol Resources Private Limited (ARPL). This company is accused of defrauding banks. The ED has seized luxury cars worth Rs 7 crore and other items belonging to Shakti Ranjan Dash.
The ED initiated this investigation based on an FIR registered by the CID of Himachal Pradesh Police. The allegation was that ITCOL and its promoters, in collusion with some officials and chartered accountants, misused loans taken from banks. The investigation revealed that between 2009 and 2013, ITCOL obtained loans from a consortium of banks led by Bank of India by showing fake project reports and shell companies. This loan of approximately Rs 1396 crore was used for other purposes instead of the stated objectives.
In this case, the ED has already attached properties worth Rs 310 crore. Out of these, properties worth Rs 289 crore were returned to the consortium led by Bank of India in April 2025. The ED’s investigation revealed that ITCOL and its shell companies diverted an amount of Rs 59.80 crore into the bank accounts of Messrs Anmol Mines Private Limited, Odisha (AMPL). It was also found that Shakti Ranjan Dash, MD of AMPL, knowingly assisted Rakesh Kumar Sharma (promoter of Messrs ITCOL) in diverting the bank loan amount and using it for mining activities in Odisha.
During the searches, the ED seized 10 luxury cars and 3 superbikes belonging to Shakti Ranjan Dash and his companies, with a total value of approximately Rs 7 crore. In addition, Rs 13 lakh in cash, jewellery worth about Rs 1.12 crore, and documents related to various immovable properties were also taken into possession. Two lockers belonging to Shakti Ranjan Dash have also been frozen. The ED has stated that further investigation in this case is ongoing.