Luxury Cars Seized in Rs 1,396 Crore Odisha Bank Fraud Probe

The Enforcement Directorate has seized luxury vehicles and other assets from Odisha businessman Shakti Ranjan Dash in a crackdown on a Rs 1,396 crore bank fraud linked to Indian Technomac Company Ltd. The case involves misused loans from a consortium of banks through forged documents and shell companies.

Devdiscourse News Desk | New Delhi | Updated: 31-08-2025 11:18 IST | Created: 31-08-2025 11:18 IST

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The Enforcement Directorate (ED) seized a collection of luxury vehicles, including names such as Porsche and BMW, in the course of investigating a money laundering case connected to a purported Rs 1,396 crore bank fraud.

Raids targeted Anmol Mines Pvt. Ltd. and Anmol Resources Pvt. Ltd., alongside their managing director, Shakti Ranjan Dash, in Bhubaneswar. This action relates to a fraud case involving Indian Technomac Company Ltd (ITCOL), accused of securing loans with deceptive documents.

The ED previously attached Rs 310 crore in assets, returning Rs 289 crore to victim banks. Approximately Rs 59.80 crore was funneled by ITCOL into Dash's entities. Authorities seized luxury vehicles, cash, and jewelry, freezing further assets as part of the investigation.

(With inputs from agencies.)