Rs.1,396 Crore Fraud in Bank of India and Other Banks

The Directorate of Enforcement (ED), Shimla, has carried out extensive search operations in Bhubaneswar, Odisha, on August 30, 2025, in connection with a massive bank fraud and money laundering case involving M/s Indian Technomac Company Ltd (M/s ITCOL).

The raids were conducted at the residential premises of Shakti Ranjan Dash, Managing Director of M/s Anmol Mines Pvt. Ltd. (AMPL) and M/s Anmol Resources Pvt. Ltd. (ARPL), as well as the business establishments of these companies. The action was taken under provisions of the Prevention of Money Laundering Act (PMLA), 2002.

Background of the Case

An FIR was filed by the CID, Himachal Pradesh Police, alleging that directors of M/s ITCOL, in collusion with company officials and chartered accountants, siphoned off bank loans sanctioned by a consortium of banks.

According to ED findings, between 2009 and 2013, M/s ITCOL fraudulently availed loans from a Bank of India-led consortium by submitting forged project reports and showing fake sales to dummy/shell companies. The loans, instead of being used for sanctioned purposes, were diverted elsewhere. The alleged fraud is valued at ₹1,396 crore (approx.).

In April 2025, the ED had already attached assets worth ₹310 crore, of which ₹289 crore has been restituted to the consortium of banks led by Bank of India.

The latest investigation revealed that M/s ITCOL and its shell entities diverted ₹59.80 crore into the bank accounts of M/s Anmol Mines Pvt. Ltd. (AMPL). ED has accused Shakti Ranjan Dash, Managing Director of AMPL, of knowingly assisting Rakesh Kumar Sharma, promoter of M/s ITCOL, in laundering funds by channeling them into mining activities 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:

• 10 luxury vehicles and 3 superbikes worth more than ₹7 crore, including Porsche Cayenne, Mercedes Benz GLC, BMW-X7, Audi A3, Mini Cooper, and Honda Gold Wing Bike.
• Cash worth ₹13 lakh
• Jewellery worth ₹1.12 crore (approx.)
• Various incriminating documents and records linked to immovable properties of Shakti Ranjan Dash and companies owned by him.
• 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.

Further investigation is under progress and more details will be released soon.