Bhopal/Jabalpur, Jan 30 (SocialNews.XYZ) The Enforcement Directorate (ED) said on Friday that it has facilitated the restitution of properties worth around Rs 45 crore in favour of the Canara Bank against three attached properties.
"Restitution pertains to the money laundering case against Jagdamba AMW Automotives Private Limited and others, wherein CBI registered a case under Sections 13 of Prevention of Corruption Act and Sections 120 B against its (Jagdamba AMW) Directors Pushpendra Singh, his family members and bank officials, for cheating and defrauding the Canara Bank, causing a wrongful loss of nearly Rs 18.32 crore," the ED said in a statement.
The central probe agency also said that the investigation revealed that Jagdamba AMW Automotives Private Limited, its Director and prime accused Pushpendra Singh in connivance with others were involved in availing many vehicle loans in fraudulent manner by forging documents and not delivering the vehicles.
"The loan amounts obtained were then diverted into his other businesses, into the accounts of his family members, utilised for his own personal gain and for clearing dues owed by him to others," it added.
The ED's investigation established that Jagdamba AMW allegedly siphoned off the loan amounts taken in the name of dummy borrowers for his own personal gain, causing loss to Jabalpur-based Canara Bank.
"The ED investigation till date revealed that proceeds of crime generated by the accused amounts to Rs 18.32 crore," it said.
The ED's Bhopal Zonal team had earlier provisionally attached immovable and movable properties worth Rs 5.32 crore belonging to the accused Pushpendra Singh and others under the provisions of PMLA, 2002, and said that the attachment was confirmed by the Lead adjudicating authority.
Subsequently, a charge sheet was filed before the Jabalpur district court (PMLA Court) and charges were framed on March 13, 2024.
On January 5, 2025, Canara Bank filed an application seeking restitution of the attached properties under Section 8(8) of the PMLA.
"After hearing all parties, the Special Court (PMLA) at Jabalpur passed an order on January 29, 2026, directing restitution of properties worth Rs 45 crore in favour of the victim bank," according to ED's press note.
Source: IANS
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