Bhubaneswar, August 31, 2025: The Directorate of Enforcement (ED Shimla) has carried out extensive search operations on August 30, 2025, at the residential premises of businessman Shakti Ranjan Dash and his related entities — M/s Anmol Mines Private Limited (AMPL) and M/s Anmol Resources Private Limited (ARPL) — in Bhubaneswar, Odisha. The action was taken under the provisions of the Prevention of Money Laundering Act (PMLA) in connection with the ongoing probe into the bank fraud case of Indian Technomac Company Ltd (ITCOL).
According to the Directorate of Enforcement, the searches resulted in the seizure of multiple assets and valuables suspected to be linked with proceeds of crime. These included incriminating documents related to immovable properties, 10 luxury cars and 3 superbikes valued at more than ₹7 crore, cash worth ₹13 lakh, and jewellery estimated at ₹1.12 crore. In addition, two lockers belonging to Shakti Ranjan Dash were also frozen during the operations.
ED Shimla’s Action in ITCOL Bank Fraud Case
The ITCOL bank fraud case has been under investigation for alleged siphoning of huge amounts of loan funds, with money suspected to have been laundered through shell companies and related entities. ED Shimla has been tracking financial transactions and property investments made by individuals and companies connected with the case.
This latest round of search operations is seen as a significant step in unearthing the money trail. Officials stated that the incriminating documents seized will play a key role in establishing the link between diverted bank loans and the properties/assets recovered.
Luxury Assets and Properties Under Scanner
The seizure of luxury vehicles and superbikes worth over ₹7 crore underscores the scale of illicit wealth allegedly generated through the fraud. The jewellery and cash seized add to the list of movable assets under ED scrutiny. The freezing of two bank lockers belonging to Dash further expands the probe’s scope, as investigators suspect additional valuables may be stored there.
ED Shimla Intensifies Crackdown
With the ongoing probe, ED Shimla is expected to continue its crackdown on individuals and firms linked with ITCOL’s fraudulent dealings. Officials confirmed that further searches and summons may follow, depending on the financial trail revealed from the documents and digital evidence collected.
The Directorate of Enforcement has reiterated its commitment to act firmly against bank frauds and money laundering cases under PMLA, ensuring that culprits do not escape the law.
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