From Porsche Cayenne to Mercedes-Benz: ED seizes luxury cars, jewellery worth crores in ITCOL fraud case

The Enforcement Directorate (ED) has seized high-end luxury vehicles, jewellery and more than Rs 8 crore in cash after conducting search operations at two locations in Bhubaneswar, Odisha, in a massive bank fraud case involving M/s Indian Technomac Company Ltd (ITCOL).

The searches, carried out on August 30 under the provisions of the Prevention of Money Laundering Act (PMLA), covered the residence of businessman Shakti Ranjan Dash and the premises of his companies, Anmol Mines Pvt Ltd (AMPL) and Anmol Resources Pvt Ltd (ARPL). Dash serves as Managing Director of both companies.

According to the ED, ITCOL and its promoters had availed loans worth around Rs 1,396 crore from a consortium of banks led by Bank of India between 2009 and 2013. The loans were allegedly secured using forged project reports and inflated sales to shell companies and were subsequently siphoned off.

The probe revealed that Rs 59.8 crore of diverted loan funds were routed into the accounts of AMPL. Investigators allege that Dash knowingly assisted ITCOL promoter Rakesh Sharma in laundering these funds by investing them in mining activities in Odisha, thereby projecting the “proceeds of crime” as legitimate business income.

During the raids, officials seized 10 luxury cars and three superbikes, including a Porsche Cayenne, Mercedes-Benz GLC, BMW X7, Audi A3, Mini Cooper, and a Honda Gold Wing motorcycle, collectively valued at over Rs 7 crore. They also recovered Rs 13 lakh in cash, jewellery worth Rs 1.12 crore, and incriminating documents linked to immovable properties. Two bank lockers in Dash’s name were also frozen.

Earlier in this case, the ED had attached assets worth Rs 310 crore, out of which properties valued at Rs 289 crore were restituted to the bank consortium in April 2025.