The Enforcement Directorate (ED) has confiscated luxury cars, superbikes, jewellery, and cash during raids at two premises of Odisha-based businessman Shakti Ranjan Dash. The searches, conducted on August 30 in Bhubaneswar, were at Dash’s house and office. Dash, the director of Anmol Mines Pvt Ltd and Anmol Resources Pvt Ltd, has been charged with diverting funds in relation to a large bank loan fraud.
Luxury Cars, Superbikes, and Cash Seized
As per ED officials, the seizures made were ten luxury cars like a Porsche Cayenne, BMW X7, Mercedes-Benz GLC, Audi A3, and a Mini Cooper. The agency even seized a Honda Gold Wing superbike.
The agency also recovered Rs 13 lakh in cash, jewellery worth Rs 1.12 crore, and documents pertaining to Dash’s immovable assets. Two of Dash’s lockers have also been frozen, officials confirmed.
Links to ITCOL Loan Fraud Case
The ED action follows an investigation based on a FIR filed by the Himachal Pradesh Police CID against ITCOL and its promoters. The Shimla-based firm allegedly diverted bank loans of Rs 1,396 crore from a consortium of lenders during 2009-2013. The loans were taken through fake project reports and sales transactions to shell companies.
ED sources disclosed that Anmol Mines Pvt Ltd, operated by Dash, had been paid Rs 59.80 crore by ITCOL. “Dash weaved the amount into the company’s accounts and extrapolated it as genuine business revenue, though he was aware it was misdirected bank loan funds,” the ED stated in a release.
Earlier Attachments in the Case
This is not the first significant development in the ITCOL-tied probe. Previously, the ED had seized assets of value Rs 310 crore in relation to the case. Of this value of Rs 289 crore was paid back to the consortium of banks, spearheaded by the Bank of India, last April.
Authorities stated ITCOL and its linked shell companies channeled money into various ventures to conceal the illicit sources of the funds. Dash is suspected of enabling the diversion through his Odisha mining entities.
Ongoing Investigation
This crackdown underscores the ED’s ongoing efforts to pursue bank loan frauds and money laundering cases, which have drained public sector banks of thousands of crores in recent years.
