ED strikes big in Rs 1,396-cr bank fraud

In a decisive step against financial crime, the Directorate of Enforcement (ED), Shimla, has cracked down on assets linked to the staggering Rs 1,396-crore bank fraud involving Paonta Sahib-based Indian Technomac Company Ltd (M/s ITCOL).

Acting under the Prevention of Money Laundering Act (PMLA), ED officers carried out raids on Saturday at two locations in Bhubaneswar, Odisha, seizing a fleet of luxury vehicles, high-end superbikes, cash, jewellery and documents tied to the illicit proceeds.

The search teams targeted the residences of Shakti Ranjan Dash, Managing Director of M/s Anmol Mines Private Limited (AMPL) and M/s Anmol Resources Private Limited (ARPL), along with offices of these companies. According to ED officials, Dash’s firms were central to laundering funds diverted by ITCOL’s promoters.

The case dates back to an FIR lodged by the CID, Himachal Pradesh Police, against ITCOL and its directors. Investigators alleged that between 2009 and 2013, ITCOL obtained massive loans from a consortium of banks led by the Bank of India. The company used forged project reports and fabricated sales routed through shell companies to secure the funds. Instead of investing the money in sanctioned projects, the firm and its allies siphoned it off, duping the banks of Rs 1,396 crore.

“Earlier in this case, assets worth Rs 310 crore were attached by the ED, of which property valued at Rs 289 crore has already been restituted to the bank consortium in April 2025,” the agency confirmed.

The latest probe revealed that ITCOL and its shell entities funnelled Rs 59.80 crore into the accounts of AMPL in Odisha. Evidence shows Dash knowingly assisted Rakesh Kumar Sharma, ITCOL’s promoter, in diverting loan money into mining activities, later showing it as legitimate business income.

Saturday’s raids left little doubt about the lavish lifestyle funded by the scam. Among the seized assets were 10 luxury vehicles and three superbikes, including a Porsche Cayenne, Mercedes Benz GLC, BMW X7, Audi A3, Mini Cooper and the iconic Honda Gold Wing bike, together valued at over Rs 7 crore. In addition, ED teams recovered Rs 13 lakh in cash, jewellery worth Rs 1.12 crore and documents relating to immovable properties allegedly acquired through laundered money. Two bank lockers owned by Dash were also frozen.

The enforcement action, described as a “major blow” to Dash, marks another milestone in exposing how fraudulent bank loans were turned into fast cars, mining ventures and glittering assets — all now under the scanner.