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HomeCompany & PMLAED Raids in Bhubaneswar Unearth Luxury Cars, Jewellery in Rs. 7-Crore Bank...

ED Raids in Bhubaneswar Unearth Luxury Cars, Jewellery in Rs. 7-Crore Bank Fraud Probe

Company & PMLA

Published on

By Mariya Paliwala
ED Raids in Bhubaneswar Unearth Luxury Cars, Jewellery in Rs. 7-Crore Bank Fraud Probe

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The Enforcement Directorate (ED), Shimla, carried out search operations on August 30, 2025, at the residential premises of businessman Shakti Ranjan Dash and associated entities — M/s Anmol Mines Private Limited (AMPL)and M/s Anmol Resources Private Limited (ARPL) — in Bhubaneswar, Odisha.

The raids were conducted under the provisions of the Prevention of Money Laundering Act (PMLA) in connection with a bank fraud case involving M/s Indian Technomac Company Ltd (ITCOL).

According to ED officials, the searches led to the seizure of:

  • 10 luxury vehicles and 3 superbikes valued at over ₹7 crore,
  • Cash amounting to ₹13 lakh,
  • Jewellery worth approximately ₹1.12 crore, and
  • Several incriminating records related to immovable properties.

In addition, the agency froze two lockers belonging to Shakti Ranjan Dash.

The ED has been tightening its probe into the ITCOL fraud case, which allegedly involves diversion of funds through shell companies and benami transactions. Sources said further investigations are underway to trace the money trail and identify other linked assets.

Read More: Accommodation And Food Service By Hotel Exceeding Rs.7500 Attracts 18% GST: AAR

Mariya Paliwala
Mariya Paliwalahttps://www.jurishour.in/
Mariya is the Senior Editor at Juris Hour. She has 7+ years of experience on covering tax litigation stories from the Supreme Court, High Courts and various tribunals including CESTAT, ITAT, NCLAT, NCLT, etc. Mariya graduated from MLSU Law College, Udaipur (Raj.) with B.A.LL.B. and also holds an LL.M. She started her career as a freelance tax reporter in the leading online legal news companies.

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