The Shimla ED team raided two locations in Bhubaneswar, Odisha on Saturday (30 August 2025). These raids were killed at the house of Shakti Ranjan Das and the office of his companies Anmol Mines Private Limited and Anmol Resources Private Limited. The case is related to Indian Technomac Company Limited (ITCOL) bank fraud worth Rs 1396 crore.
Investigation revealed that ITCOL took a loan of thousands of crores from a group of banks led by Bank of India between 2009 and 2013. For this, the company showed fake project reports and fake sales papers, but the money that was received as a loan, the company did not use it in its real work. Rather, this money was turned around and put in many dummy and shell companies.
310 crore assets have been attached
In this case, the ED has already attached assets worth Rs 310 crore. Out of this, about Rs 289 crore has been returned to banks in April 2025. Investigation also revealed that ITCOL and its fake companies transferred around Rs 59.80 crore to the account of Anmol Mines Private Limited. It is alleged that the company’s MD Shakti Ranjan Das helped ITCOL promoter Rakesh Kumar Sharma and used the bank’s money for mining works in Odisha. After this, this money was shown in the company’s books as if it was clean money.
10 luxury cars and 3 superbikes seized
In the raid in Bhubaneswar, ED has seized 10 luxury cars and 3 superbikes. Their price is being told more than 7 crore rupees. Seized trains and bikes include Porsche Cayenn, Mercedes Benz GLC, BMW X7, Audi A3, Mini Cooper and Honda Gold Wing bikes.
Apart from this, 13 lakh rupees cash, jewelery worth about 1.12 crore also seized. 2 lockers of paper Shakti Ranjan Das associated with many important documents and property have also been seized. The ED says that the investigation of the case is still going on.
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