BHUBANESWAR: Enforcement Directorate (ED) sleuths on Saturday seized a fleet of luxury vehicles and superbikes worth around Rs 7 crore from a city-based mining businessman as part of an investigation into his alleged link with a Shimla-based entrepreneur, who is facing a Rs 1,396 loan fraud charge in Himachal Pradesh.“Himachal’s ITCOL and its related shell entities diverted Rs 59.80 crore into the bank accounts of Odisha’s Anmol Mines Private Limited (AMPL),” an ED statement said on Sunday. “The ED conducted search operations on Saturday at two locations linked to AMPL’s managing director Shakti Ranjan Dash in Bhubaneswar under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, in connection with the alleged bank fraud case involving ITCOL,” it added.

During the search, the ED seized 10 luxury vehicles, 3 superbikes, Rs 13 lakh in cash, and jewellery to the tune of about Rs 1.12 crore. In Nov 2023, the ED had attached AMPL’s assets worth around Rs 21.15 crore, including plots and flats in Barbil, Khurda, Cuttack and Bhubaneswar.ED sources said that movable and immovable assets worth about Rs 320 crore, belonging to ITCOL and AMPL, were attached in various phases over the past few years. “In April 2025, assets worth about Rs 289 crore were restituted by the ED to a consortium of banks,” the ED statement said.ED’s investigation revealed that ITCOL secured loans from a consortium of banks between 2009 and 2013 by submitting forged project reports and fabricating sales to shell companies. The loans were not used for their intended purposes, leading to the current legal action.Investigation uncovered that Dash was aware of ITCOL’s alleged illegal activity and assisted its promoter Rakesh Kumar Sharma in diverting bank loan funds for mining activities in Odisha. “Dash is accused of integrating the illicit funds into his company’s bank accounts, subsequently presenting the tainted money as legitimate in the company’s financial records,” the ED said. Sources said ED is questioning Dash and some other functionaries of his company. Dash and AMPL could not be reached for comment.