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Banks (Finance)

Enforcement Directorate Seizes Luxury Cars and Assets Worth Crores in Bank Fraud Probe

Strategic Insights

— 1 min read

The Enforcement Directorate (ED) recently conducted searches at two premises belonging to Shakti Ranjan Dash, the Managing Director of Anmol Mines Pvt Ltd (AMPL), in Bhubaneshwar, resulting in the seizure of several luxury cars, cash, and incriminating records. The probe is linked to a bank fraud of Rs 1,400 crore, with the ED alleging that Dash and the promoters of Indian Technomac Company Ltd (ITCOL) siphoned off loans from a consortium of banks between 2009 and 2013. The investigation has revealed that the proceeds of the crime were channeled through AMPL, making it appear as legitimate earnings.

Key Takeaways:

  • The Enforcement Directorate (ED) searched two premises belonging to Shakti Ranjan Dash, MD of Anmol Mines Pvt Ltd (AMPL), in Bhubaneshwar and seized several luxury cars, including a Porsche Cayenne, Mercedes Benz GLC, BMW-X7, Audi A3, Mini Cooper, and Honda Gold Wing Bike, worth more than Rs 7 crore.
  • During the searches, Rs 13 lakh in cash, jewellery worth over Rs 1 crore, and incriminating records related to properties owned by Dash and the companies were seized. Two lockers belonging to Dash were also frozen.
  • The ED's investigation is based on an FIR registered by HP police against Indian Technomac Company Ltd (ITCOL) and its promoters, alleging directors of the company, in connivance with others, including Dash, siphoned loans of Rs 1,400 crore from a consortium of banks between 2009 and 2013.
  • The probe revealed ITCOL and its shell entities allegedly diverted Rs 60 crore into the accounts of Anmol Mines, Odisha, and Dash, and assisted Rakesh Kumar Sharma (the promoter of ITCOL) in diverting the bank funds to mining activities in Odisha.
  • Dash is accused of channeling the "proceeds of crime" through AMPL to project tainted money as legitimate.

Statistics:

  • Value of luxury cars seized: more than Rs 7 crore
  • Cash seized: Rs 13 lakh
  • Value of jewellery seized: over Rs 1 crore
  • Amount of loans siphoned off: Rs 1,400 crore
  • Value of assets attached by ED: Rs 310 crore
  • Value of assets restituted to the consortium of banks: Rs 289 crore

Sources:

  • Times News Network (no date provided) - ED Seizes Luxury Cars Worth Crores in Bank Fraud Probe
  • "ED seizes luxury cars, incriminating records in bank fraud probe" (no date provided)

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