Editor’s Note
This report details a recent Enforcement Directorate (ED) operation in Odisha under the Prevention of Money Laundering Act (PMLA). The action targets premises linked to specific companies and an individual as part of an ongoing investigation.
The Enforcement Directorate (ED), Shimla, conducted search operations on August 30 at two premises in Bhubaneswar, Odisha. These included the residential premises of Shakti Ranjan Dash and the business premises of companies where he serves as Managing Director. These premises are linked to M/s Anmol Mines Private Limited (AMPL) and M/s Anmol Resources Private Limited (ARPL). The search operations were conducted under the provisions of the PMLA, 2002, in connection with the ongoing money laundering investigation into the bank fraud case of M/s Indian Technomac Company Limited (M/s ITCOL). A fraud of ₹1396 crore was committed by obtaining loans from a consortium led by Bank of India through shell companies and fake sales. The ED has now seized 10 luxury cars, 3 super bikes, jewellery worth crores, and other documents in this case.
The ED initiated the investigation based on an FIR registered by the CID, Himachal Pradesh Police against M/s ITCOL and its promoters. It is alleged that the directors of M/s ITCOL, in collusion with various companies and other official employees of CAs, embezzled loans taken from a consortium of banks. The ED’s investigation revealed that M/s ITCOL obtained loans from a consortium led by Bank of India between 2009 and 2013 by presenting fake detailed project reports to the banks and showing fake sales to dummy/shell companies. Furthermore, the loans obtained by M/s ITCOL were not used for the purposes for which they were sanctioned. The amount of bank fraud in the case was approximately ₹1396 crore.
In this case, the ED had previously attached properties worth ₹310 crore. Out of these attached properties worth ₹310 crore, assets worth ₹289 crore were already restored by the ED in April 2025 to the consortium of banks led by Bank of India. An amount of ₹59.80 crore was deposited into the bank accounts of M/s Anmol Mines Private Limited, Odisha (AMPL). Furthermore, it was also revealed that Shakti Ranjan Dash, MD of AMPL, knowingly assisted Rakesh Kumar Sharma (promoter of M/s ITCOL) in diverting the bank loan amount elsewhere and using it for mining activities in Odisha. Thus, Shakti Ranjan Dash deposited the said amount (proceeds of crime) into the bank accounts of M/s Anmol Mines Private Limited, which projected this tainted money as untainted money in its books of accounts. However, this scam could not escape the eyes of the ED.
During the ED’s search operations, 10 luxury vehicles and 3 super bikes related to Shakti Ranjan Dash and his owned companies were seized. The seized expensive luxury cars/super bikes include Porsche Cayenne, Mercedes Benz GLC, BMW-X7, Audi A3, Mini Cooper, Honda Gold Wing bike, etc., valued at over ₹7 crore. Additionally, cash of ₹13 lakh, jewellery worth approximately ₹1.12 crore, and various incriminating records related to the immovable properties of Shakti Ranjan Dash and his owned companies have been seized. Furthermore, 2 lockers of Shakti Ranjan Dash were also seized during the search operations.