The Directorate of Enforcement (ED) Shimla, has seized high-end cars, superbikes, jewellery and cash during raids in Bhubaneswar linked to the Rs 1,396 crore bank fraud involving Indian Technomac Company Ltd (ITCOL).

According to information released by the agency, searches were conducted on August 30th at two locations: the residence of Shakti Ranjan Dash and the offices of Anmol Mines Private Limited (AMPL) and Anmol Resources Private Limited (ARPL), where Dash serves as managing director. The action was taken under the Prevention of Money Laundering Act (PMLA), 2002, as part of an ongoing investigation into alleged diversion of bank loans through shell entities and their projection as legitimate mining income.

Notably this probe began after the Himachal Pradesh Police CID filed an FIR against ITCOL and its promoters on the allegations that ITCOL secured loans from a consortium led by Bank of India between 2009 and 2013 using forged project reports and fake sales to dummy companies, and then failed to use the funds for sanctioned purposes.

So far, the ED has attached assets worth Rs 310 crore in the case; Rs 289 crore of this was restituted to the lending consortium in April 2025. During the money-trail analysis, the agency found that ITCOL and related shell entities diverted Rs 59.80 crore to AMPL. According to the ED, Dash knowingly assisted ITCOL promoter Rakesh Kumar Sharma in routing bank funds into mining activities in Odisha, integrating the proceeds of crime into AMPL’s accounts and projecting them as untainted revenue.

During the Bhubaneswar searches, officers seized 10 luxury vehicles and 3 superbikes registered to Dash and companies beneficially owned by him. The list includes a Porsche Cayenne, BMW X7, Mercedes-Benz GLC, Audi A3, Mini Cooper, and a Honda Gold Wing superbike, with an estimated total value of over Rs 7 crore. The ED also recovered jewellery worth about Rs 1.12 crore, cash of Rs 13 lakh, and documents related to immovable properties. Two lockers belonging to Dash were frozen.

The ED said the investigation is continuing to trace additional assets, identify the full set of beneficiary entities and individuals, and examine the roles of associated companies and professional intermediaries. As part of the broader PMLA proceedings, ED Shimla raids are expected to focus on further fund-flows connected to the ITCOL fraud.

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