Rs 1,396 Cr loan fraud: ED seizes crores-worth cars, jewellery from mine trader in Bhubaneswar

In a major crackdown in Bhubaneswar, the Enforcement Directorate (ED) conducted raids on the residence and business premises of Odisha-based mining trader Shakti Ranjan Dash on Sunday.

Acting on allegations of involvement in a massive bank fraud, the ED seized ten luxury cars, including a Porsche Cayenne, Mercedes-Benz GLC, BMW X7, Audi A3, and Mini Cooper, alongside three superbikes, cash of Rs 13 lakh, and gold jewellery worth Rs 1.12 crore. Two of Dash’s bank lockers were also frozen as part of the operation.

Background of the Case

The action targets Dash’s companies, Anmol Mines Private Limited (AMPL) and Anmol Resources Private Limited (ARPL). They are alleged to have facilitated the diversion of funds from Indian Technomac Company Ltd (ITCOL), a Himachal Pradesh-based firm implicated in a Rs 1,396 crore bank loan fraud.

Investigations revealed that ITCOL had obtained loans from a consortium of banks led by Bank of India between 2009 and 2013 through forged project reports and fabricated sales to shell companies. These funds were not used for their sanctioned purposes, with Rs 59.80 crore allegedly channelled to Dash’s companies in Odisha for mining operations.

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Prior Attachments and Restitutions

Earlier in the probe, the ED had attached assets worth Rs 310 crore connected to the case, of which Rs 289 crore had been restituted to the victim banks in April. The current raid forms part of the ongoing federal investigation into money laundering and unlawful diversion of bank funds.

The seized vehicles and bikes are valued at over Rs 7 crore. The jewellery and cash recovered add to the material evidence being collected against Dash and his companies. ED officials indicated that the operation aims to prevent further dissipation of assets while the investigation proceeds.

Probe Intensifies

The case stems from an FIR filed by the Himachal Pradesh Police CID against ITCOL and its promoters, highlighting collusion with company officials and chartered accountants to siphon off bank loans. Dash is alleged to have knowingly assisted ITCOL promoters in utilising the funds for mining ventures in Odisha, which forms the central focus of the ED’s enforcement action.

As of the last reports, further searches and asset recovery operations are ongoing.