On August 30, 2025, the Shimla-based Directorate of Enforcement (ED) conducted search operations in Bhubaneswar, Odisha, as part of a large-scale bank fraud and money laundering case involving M/s Indian Technomac Company Ltd (M/s ITCOL). In addition to the business establishments of M/s Anmol Mines Pvt. Ltd. (AMPL) and M/s Anmol Resources Pvt. Ltd. (ARPL), the searches were carried out at the residence of Shakti Ranjan Dash, Managing Director of these companies. The action was carried out in accordance with the Prevention of Money Laundering Act (PMLA), 2002.
The Himachal Pradesh Police CID filed a formal complaint (FIR) alleging that M/s ITCOL's directors conspired with corporate officials and chartered accountants to embezzle bank loans approved by a group of banks. According to ED findings, M/s ITCOL submitted fabricated project reports and displayed fictitious sales to dummy/shell firms in order to fraudulently obtain loans from a consortium managed by the Bank of India between 2009 and 2013. The loans were diverted elsewhere rather than being used for approved reasons. The estimated value of the suspected scam is ₹1,396 crore.
The ED had already seized assets totaling ₹310 crore in April 2025, of which ₹289 crore had been returned to the group of banks headed by Bank of India. According to the most recent inquiry, M/s ITCOL and its shell companies transferred ₹59.80 crore into M/s Anmol Mines Pvt. Ltd.'s (AMPL) bank accounts. The managing director of AMPL, Shakti Ranjan Dash, has been charged by the ED with willfully aiding Rakesh Kumar Sharma, the founder of M/s ITCOL, in money laundering by directing cash into mining operations in Odisha.
Investigators found that Shakti Ranjan Dash subsequently integrated the diverted money into AMPL’s accounts and recorded it as legitimate business income, thereby attempting to project “proceeds of crime” as clean money.
During the Bhubaneswar raids, the ED seized many luxury vehicles, cash,jewellery and property. Two lockers belonging to Dash were also frozen.
The ED confirmed that the seized assets belong to Shakti Ranjan Dash and his associated companies. Officials emphasized that the investigation is ongoing and further action will follow as evidence is scrutinized.
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