Bhubaneswar, Aug. 31 -- The Enforcement Directorate (ED) on Saturday seized several luxury cars, jewellery, and cash worth crores during raids in Bhubaneswar as part of a money laundering probe tied to one of India's biggest bank fraud cases, media reports said.

The raids were carried out under the Prevention of Money Laundering Act (PMLA), 2002, in connection with the Rs.1,396 crore bank fraud case involving M/s Indian Technomac Company Ltd (ITCOL).

The loans, however, were never used for their sanctioned purposes.

Earlier, the ED had attached assets worth Rs.310 crore in the case, out of which assets worth Rs.289 crore were restituted to the consortium of banks in April 2025.

Investigations have revealed that ITCOL and its shell com...