Enforcement Directorate Seizes Luxury Cars, Superbikes in Odisha Bank Fraud Probe

New Delhi, August 31, 2025 - India’s Enforcement Directorate (ED) today executed coordinated searches at the premises of an Odisha-based businessman and his companies, seizing over a dozen luxury cars and superbikes, substantial cash and jewellery, and freezing two bank lockers in connection with a Rs 1,396 crore alleged bank fraud.

The action stems from a First Information Report (FIR) implicating a Himachal Pradesh-based company and its promoters in obtaining consortium loans from several banks using forged project reports and fictitious sales through shell firms. During earlier attachments, the ED had secured assets worth Rs 310 crore, of which approximately Rs 289 crore was restituted to the victim banks. Investigators allege that roughly Rs 59.8 crore was diverted to entities linked to the Odisha businessman.

According to ED officials, the latest searches uncovered high-end vehicles including sports cars and performance motorcycles, as well as unaccounted cash and gold ornaments. The two bank lockers frozen under the Prevention of Money Laundering Act contained further incriminating assets. The ED has launched a detailed valuation and inventory of all seized items, which will be subject to judicial attachment proceedings.

This operation is part of the federal agency’s intensified crackdown on large-scale financial crimes targeting bank fraud and money-laundering networks. Further summonses and charges are expected as the probe continues.