Himachal: ED gets big success in Rs 1,396 crore bank scam
Himachal Pradesh: In a decisive move against financial crime, the Shimla-based Enforcement Directorate (ED) has seized assets linked to a Rs 1,396-crore bank fraud involving Paonta Sahib-based Indian Technomac Company Limited (M/s ITCOL). Acting under the Prevention of Money Laundering Act (PMLA), ED officials on Saturday raided two locations in Odisha’s Bhubaneswar and seized a fleet of luxury vehicles, high-end superbikes, cash, jewellery and documents linked to illegal proceeds. The search teams targeted the residences of Shakti Ranjan Dash, Managing Director of M/s Anmol Mines Private Limited (AMPL) and M/s Anmol Resources Private Limited (ARPL) as well as the offices of these companies. According to ED officials, Dash’s companies were instrumental in laundering the money diverted by the promoters of ITCOL.
The case is linked to an FIR registered by the Himachal Pradesh Police’s CID against ITCOL and its directors. Investigators alleged that between 2009 and 2013, ITCOL obtained huge loans from a consortium of banks led by Bank of India. The company used fabricated project reports and sales made through fake companies to secure funds. Instead of investing the money in approved projects, the company and its associates siphoned it off and defrauded the banks to the tune of Rs 1,396 crore. “Earlier in this case, ED had seized assets worth Rs 310 crore, out of which assets worth Rs 289 crore have been returned to the bank consortium in April 2025,” the agency confirmed. The latest investigation revealed that ITCOL and its fake entities funnelled Rs 59.80 crore into the accounts of AMPL in Odisha.
Evidence shows that Das knowingly helped ITCOL promoter Rakesh Kumar Sharma to divert the loan amount into mining activities, and later show it as legitimate business income. Saturday’s raids left no doubt about the lavish lifestyle funded by the scam. The assets seized included 10 luxury vehicles and three superbikes, including a Porsche Cayenne, Mercedes Benz GLC, BMW X7, Audi A3, Mini Cooper and the iconic Honda Gold Wing bike, worth a total of over Rs 7 crore. Besides, the ED teams recovered Rs 13 lakh in cash, jewellery worth Rs 1.12 crore and documents related to immovable properties allegedly acquired through money laundering. Two bank lockers owned by Dash were also seized. This enforcement action, which is being described as a “big blow” for Dash, is another milestone in exposing how fraudulent bank loans were converted into fast cars, mining ventures and gleaming properties – all of which are now under the scanner.
