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Banks (Finance)

Enforcement Directorate Conducts Raids on Odisha Mining Baron

Strategic Insights

— 1 min read

The Enforcement Directorate (ED) carried out extensive raids at the residence and offices of Odisha-based mining baron Shakti Ranjan Dash in connection with a money laundering probe linked to the Rs 1,396-crore Indian Technomac Company Limited (ITCOL) bank loan fraud case. The searches targeted Dash's Bhubaneswar residence and the corporate offices of M/s Anmol Mines Private Limited (AMPL) and M/s Anmol Resources Private Limited (ARPL), where he serves as Managing Director. The raids led to the seizure of luxury vehicles, gold jewelry, cash, and incriminating documents.

Key Takeaways:

  • The ED conducted raids at the residence and offices of Shakti Ranjan Dash, an Odisha-based mining baron, in connection with a money laundering probe linked to the Rs 1,396-crore ITCOL bank loan fraud case.
  • The searches targeted Dash's Bhubaneswar residence and the corporate offices of M/s Anmol Mines Private Limited (AMPL) and M/s Anmol Resources Private Limited (ARPL), where he serves as Managing Director.
  • The raids led to the seizure of 10 luxury vehicles valued at over Rs 7 crore, gold jewelry worth Rs 1.12 crore, Rs 13 lakh in cash, and incriminating documents related to immovable properties.
  • Dash is accused of assisting ITCOL promoter Rakesh Kumar Sharma in laundering funds through mining operations in Odisha, showing them as legitimate earnings in AMPL's books.
  • The ED has attached assets worth Rs 310 crore, of which Rs 289 crore was restituted to victim banks in April 2025.
  • The ongoing probe seeks to trace the complete money trail and prevent further dissipation of assets.

Statistics:

  • 10 luxury vehicles (including Porsche Cayenne, Mercedes-Benz GLC, BMW X7, Audi A3, Mini Cooper) valued at over Rs 7 crore were seized.
  • Gold jewelry worth Rs 1.12 crore was seized.
  • Rs 13 lakh in cash was seized.
  • The case stems from an FIR registered by Himachal Pradesh Police CID against ITCOL and its promoters, who allegedly secured loans worth Rs 1,396 crore from a consortium of banks led by Bank of India between 2009 and 2013.
  • Assets worth Rs 310 crore have been attached, with Rs 289 crore restituted to victim banks in April 2025.

Sources:

  • The Enforcement Directorate (ED)
  • Himachal Pradesh Police CID
  • Bank of India
  • The Hitavada, copyright 2025

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