Bhubaneswar: The Directorate of Enforcement (ED) has conducted search operations at locations linked to an Odisha-based businessman involved in mining activities in Bhubaneswar during an investigation into a bank fraud case registered under the Prevention of Money Laundering Act, 2002.
The searches were conducted by ED-Shimla on Saturday. The ED sources revealed that the raids were related to an ongoing money laundering investigation in the bank fraud case of M/s Indian Technomac Company Ltd (M/s ITCOL) involving around Rs 1,396 crore.
The places where raids were carried out included the residential premises of the miner, Shakti Ranjan Dash and the business premises of companies in which Dash is the Managing Director, i.e., M/s Anmol Mines Private Limited (AMPL) and M/s Anmol Resources Private Limited (ARPL).
“ED initiated investigation on the basis of FIR registered by CID, Himachal Pradesh Police against M/s ITCOL and its promoters alleging that directors of M/s ITCOL in connivance with other official staff of various companies and CAs siphoned off loans availed from a consortium of banks,” informed ED in a press statement.
The agency found during the investigation that M/s ITCOL had obtained loans from the consortium led by Bank of India from 2009 to 2013 by submitting forged detailed project reports before the banks and by showing fake sales to dummy/shell companies.
Further, the loans obtained by M/s ITCOL were not utilised for the purposes they were sanctioned for. The bank fraud amount in the matter was to the tune of Rs 1,396 crore approx.
Earlier in this case, ED had attached assets amounting to Rs 310 crore. Further, out of these attached assets worth Rs 310 crore, assets worth Rs 289 crore have already been restituted by ED to the consortium of banks led by Bank of India in April.
“Further, during investigation under PMLA, it was revealed that M/s ITCOL and its related shell entities have diverted a sum of Rs 59.80 crore into the bank accounts of M/s Anmol Mines Private Limited, Odisha (AMPL),” informed the ED.
Moreover, ED also ascertained that Dash knowingly assisted Rakesh Kumar Sharma (the promoter of M/s ITCOL) in diverting the bank loan funds and utilising the same in the mining activities in Odisha.
“Thus, Dash integrated the said amount (Proceeds of Crime) in bank accounts of M/s Anmol Mines Pvt. Ltd., which then projected this tainted money as untainted money in its books of accounts,” the agency added.
During the search operations, the ED sleuths seized 10 luxury vehicles and three super bikes belonging to Dash and companies beneficially owned by him.
The seized high-end luxury vehicles / super bikes include a Porsche Cayenne, Mercedes-Benz GLC, BMW X7, Audi A3, Mini Cooper, Honda Gold Wing Bike, etc., worth more than Rs 7 crore. In addition, cash amounting to Rs 13 lakh, jewellery worth Rs 1.12 crore (approx.), and various incriminating records related to immovable properties owned by Dash and companies beneficially owned by him have been seized. Further, two lockers belonging to Dash have also been frozen during the search operations.
IANS
