BHUBANESWAR: Enforcement Directorate (ED) sleuths on Saturday seized a fleet of luxurious cars and superbikes price round Rs 7 crore from a city-based mining businessman as a part of an investigation into his alleged hyperlink with a Shimla-based entrepreneur, who’s going through a Rs 1,396 mortgage fraud fee in Himachal Pradesh.“Himachal’s ITCOL and its comparable shell entities diverted Rs 59.80 crore into the financial institution accounts of Odisha’s Anmol Mines Personal Restricted (AMPL),” an ED commentary mentioned on Sunday. “The ED carried out seek operations on Saturday at two places related to AMPL’s managing director Shakti Ranjan Sprint in Bhubaneswar underneath the provisions of the Prevention of Cash Laundering Act (PMLA), 2002, in reference to the alleged financial institution fraud case involving ITCOL,” it added.
Throughout the hunt, the ED seized 10 luxurious cars, 3 superbikes, Rs 13 lakh in money, and jewelry to the music of about Rs 1.12 crore. In Nov 2023, the ED had hooked up AMPL’s property price round Rs 21.15 crore, together with plots and apartments in Barbil, Khurda, Cuttack and Bhubaneswar.ED assets mentioned that movable and immovable property price about Rs 320 crore, belonging to ITCOL and AMPL, had been hooked up in quite a lot of levels over the last few years. “In April 2025, property price about Rs 289 crore had been restituted by way of the ED to a consortium of banks,” the ED commentary mentioned.ED’s investigation printed that ITCOL secured loans from a consortium of banks between 2009 and 2013 by way of filing cast challenge reviews and fabricating gross sales to shell corporations. The loans weren’t used for his or her supposed functions, main to the present felony motion.Investigation exposed that Sprint used to be conscious about ITCOL’s alleged criminality and assisted its promoter Rakesh Kumar Sharma in diverting financial institution mortgage budget for mining actions in Odisha. “Sprint is accused of integrating the illicit budget into his corporate’s financial institution accounts, due to this fact presenting the contaminated cash as authentic within the corporate’s monetary information,” the ED mentioned. Resources mentioned ED is wondering Sprint and a few different functionaries of his corporate. Sprint and AMPL may just now not be reached for remark.