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Madhya Pradesh: In a significant development, the Enforcement Directorate (ED) carried out searches on January 13, 2024, under the provisions of the Prevention of Money Laundering Act (PMLA), 2002. The operation focused on 8 premises in Jabalpur, Katni, Satna, and Rewa of Madhya Pradesh, in connection with the M/s Jagdamba AMW Automotives Pvt. Ltd. case.
The primary accused, Pushpendra Singh, director of M/s Jagdamba AMW Automotives Pvt. Ltd., was apprehended during the search at Jabalpur. The authorities seized Rs. 16 lakhs in cash from his residence, along with documents related to immovable properties. Pushpendra Singh was presented before the Hon’ble Special Court (PMLA), Jabalpur on January 14, 2024, and subsequently remanded to ED custody.
The ED’s investigation stemmed from an FIR registered/charge sheet filed by the CBI, BSFB, New Delhi, under various sections of the IPC and Prevention of Corruption Act, 1988. The focus was on M/s Jagdamba AMW Automotives Pvt. Ltd., its directors, and the Branch Manager of Canara Bank, SME Branch, Jabalpur.
According to ED findings, Pushpendra Singh, in collusion with Krishna Dutt Dubey (deceased), the then Branch Manager, and others, orchestrated a fraud amounting to Rs. 14.93 Crore. The fraudulent activities transpired between April 2015 and March 2016, involving wrongful sanction and disbursal of 50 vehicle loans (Truck Loans). The loans were approved based on forged documents issued by M/s Jagdamba AMW Automotives Pvt. Ltd.
In a clever modus operandi, the loan proceeds were redirected to the bank account of the dealership, but in numerous cases, the vehicles were not delivered to customers. Consequently, the loan accounts turned into non-performing assets (NPAs), causing a substantial loss to the bank. Further investigations revealed that the loan proceeds were siphoned off from M/s Jagdamba AMW Automotives Pvt. Ltd.’s accounts for personal use, without repayment to the manufacturer company, M/s AMW Motors Ltd.
Pushpendra Singh has been found to knowingly participate in processes and activities connected to the proceeds of crime. The ED’s actions underscore a commitment to unraveling financial irregularities and ensuring accountability in cases of fraudulent financial transactions.
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