The Enforcement Directorate (ED) announced on Friday that it has assisted in the return of properties valued at approximately Rs 45 crore to Canara Bank, involving three attached properties. This restitution is linked to a money laundering case against Jagdamba AMW Automotives Private Limited and others, where the CBI had filed a case under relevant sections against the company’s directors and bank officials for causing a wrongful loss of nearly Rs 18.32 crore to Canara Bank.
The ED’s investigation uncovered that Jagdamba AMW Automotives Private Limited and its Director, Pushpendra Singh, along with others, engaged in fraudulent activities to secure vehicle loans by falsifying documents and not fulfilling the loan conditions. The obtained loan amounts were diverted to various businesses, family members’ accounts, personal use, and settling debts, leading to financial losses for Canara Bank.
It was revealed that Jagdamba AMW misappropriated loan funds acquired in the names of fake borrowers for personal benefits, resulting in a financial setback for Canara Bank in Jabalpur. The total proceeds of crime linked to the accused were found to be Rs 18.32 crore, as per the ED’s investigation findings.
The ED’s Bhopal Zonal team had previously provisionally attached properties worth Rs 5.32 crore belonging to the accused individuals under the PMLA, 2002. Following this, a charge sheet was submitted to the Jabalpur district court, and charges were framed in March 2024. Subsequently, Canara Bank filed for the restitution of the attached properties under the PMLA, and after due proceedings, the Special Court (PMLA) at Jabalpur ordered the return of properties valued at Rs 45 crore to the bank on January 29, 2026.
