{"id":141349,"date":"2025-09-01T01:11:38","date_gmt":"2025-08-31T19:41:38","guid":{"rendered":"http:\/\/indusvalleytimes.com\/news\/?p=141349"},"modified":"2025-09-01T01:11:39","modified_gmt":"2025-08-31T19:41:39","slug":"ed-seizes-luxury-cars-jewellery-in-rs-1396-crore-bank-fraud-probe-linked-to-odisha-mines-operator","status":"publish","type":"post","link":"https:\/\/indusvalleytimes.com\/news\/ed-seizes-luxury-cars-jewellery-in-rs-1396-crore-bank-fraud-probe-linked-to-odisha-mines-operator\/","title":{"rendered":"ED Seizes Luxury Cars, Jewellery in Rs 1,396-Crore Bank Fraud Probe Linked to Odisha Mines Operator"},"content":{"rendered":"\n<p class=\"caps\"><strong>By Nalini Sahu<\/strong><\/p>\n\n\n\n<p><strong>Bhubaneswar, Aug. 31: <\/strong>The Enforcement Directorate (ED) has seized luxury cars, high-end superbikes, jewellery, and cash during search operations in Bhubaneswar as part of its probe into a massive Rs 1,396-crore bank fraud involving Himachal Pradesh-based Indian Technomac Company Ltd (ITCOL).<\/p>\n\n\n\n<p>The searches, carried out on Saturday at the Bhubaneswar residence of mines operator Shakti Ranjan Dash.<\/p>\n\n\n\n<p>Dash is managing director of M\/s Anmol Mines Pvt. Ltd. (AMPL) and M\/s Anmol Resources Pvt. Ltd. (ARPL), uncovered 10 luxury vehicles including a Porsche Cayenne, Mercedes Benz GLC, BMW X7, Audi A3, Mini Cooper, and three superbikes such as the Honda Gold Wing, valued at over Rs 7 crore.<\/p>\n\n\n\n<p>The ED officials also seized jewellery worth around Rs 1.12 crore, cash of Rs 13 lakh, and incriminating documents related to immovable properties. Two bank lockers belonging to Dash were also frozen.<\/p>\n\n\n\n<p>According to the ED, investigations revealed that ITCOL, which fraudulently obtained loans from a consortium of banks led by Bank of India between 2009 and 2013, had diverted about Rs 59.8 crore into the accounts of AMPL. Dash allegedly assisted ITCOL promoter Rakesh Kumar Sharma in laundering funds by using them for mining operations in Odisha and projecting the proceeds of crime as legitimate earnings.<\/p>\n\n\n\n<p>Earlier, the ED had attached assets worth Rs 310 crore in the case, of which properties worth Rs 289 crore were restituted to the bank consortium in April this year.<\/p>\n\n\n\n<p>The agency said ITCOL had availed loans by submitting forged project reports and showing fictitious sales to shell companies, with the funds never used for the sanctioned purposes.<\/p>\n\n\n\n<p>Further investigation into the money laundering trail was underway.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Nalini Sahu Bhubaneswar, Aug. 31: The Enforcement Directorate (ED) has seized luxury cars, high-end superbikes, jewellery, and cash during search operations in Bhubaneswar as part of its probe into<\/p>\n","protected":false},"author":1,"featured_media":141350,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[46],"tags":[27566,5891,27567],"class_list":["post-141349","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-top-stories","tag-ed-seizes-luxury-cars","tag-jewellery","tag-odisha-mines-operator"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>ED Seizes Luxury Cars, Jewellery in Rs 1,396-Crore Bank Fraud Probe Linked to Odisha Mines Operator<\/title>\n<meta name=\"description\" content=\"ED Seizes Luxury Cars, Jewellery in Rs 1,396-Crore Bank Fraud Probe Linked to Odisha Mines OperatorED Seizes Luxury Cars, 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