**Luxury Cars and Cash Seized in Major ED Raids in Odisha**
The Enforcement Directorate (ED) conducted significant search operations in Bhubaneswar, Odisha, on Saturday, seizing luxury vehicles, jewelry, and cash amounting to crores as part of an ongoing money laundering investigation tied to one of India’s largest bank fraud cases.
During the raids, the agency confiscated 10 luxury cars and 3 superbikes valued at over Rs 7 crore, which included high-end models such as a Porsche Cayenne, Mercedes-Benz GLC, BMW X7, Audi A3, Mini Cooper, and a Honda Gold Wing motorcycle. Additionally, the ED recovered jewelry worth Rs 1.12 crore and Rs 13 lakh in cash, along with incriminating documents related to real estate. The agency also froze two lockers belonging to Shakti Ranjan Dash.
The searches targeted two locations: the residence of Shakti Ranjan Dash and the offices of his companies, Anmol Mines Private Limited (AMPL) and Anmol Resources Private Limited (ARPL). These operations were executed under the Prevention of Money Laundering Act (PMLA), 2002, in connection with the Rs 1,396 crore bank fraud case involving Indian Technomac Company Ltd (ITCOL).
According to the ED, ITCOL and its directors fraudulently secured loans from a consortium of banks led by the Bank of India between 2009 and 2013 by submitting forged project reports and fabricating sales through shell companies. The funds were not utilized for their intended purposes.
Previously, the ED had attached assets worth Rs 310 crore in this case, with Rs 289 crore being returned to the consortium of banks in April 2025. Investigations revealed that ITCOL and its shell companies diverted approximately Rs 59.80 crore into the accounts of Anmol Mines Private Limited in Odisha.
The ED stated that Shakti Ranjan Dash, managing director of AMPL, knowingly assisted Rakesh Kumar Sharma, the promoter of ITCOL, in misappropriating bank loan funds for mining activities in Odisha. Consequently, Dash integrated these proceeds of crime into the accounts of Anmol Mines Pvt Ltd, misrepresenting the tainted money as legitimate in its financial records.
The investigation is ongoing, with the ED continuing to pursue leads in this high-profile case.
**FAQ**
**What is the ongoing investigation by the ED about?**
The ED is investigating a money laundering case linked to a Rs 1,396 crore bank fraud involving Indian Technomac Company Ltd, where loans were fraudulently obtained through forged documents and misused.