Jabalpur, Madhya Pradesh: In a major development, a Jabalpur businessman, Pushpendra Singh, who had allegedly amassed wealth by securing fraudulent vehicle loans, has suffered a significant legal setback. Following a special court order, the Enforcement Directorate (ED) has handed over three immovable and movable properties worth ₹45 crore—previously attached in connection with a money laundering case—back to Canara Bank.
Background of the Case
The case involves Jagadamba AMW Automotives Pvt Ltd, where Pushpendra Singh, along with certain bank officials, is accused of submitting fake documents to obtain vehicle loans, which were then misappropriated for personal gain. ED had initially attached the properties under the Prevention of Money Laundering Act (PMLA), 2002. Investigations revealed that approximately ₹18.32 crore of loaned money was diverted to repay old debts and for personal enrichment, while the vehicles themselves were never delivered.
Bank’s Petition and Court Decision
In March 2024, following prosecution complaints filed by the special court under PMLA Jabalpur, Canara Bank applied for the restoration of the seized properties. After reviewing the petition, the special court ruled on 29 January 2025 that the attached properties should be returned to the bank.
ED Complies with Court Order
Following the court’s directive, the ED has handed over the three seized properties to Canara Bank, allowing the lender to reclaim assets previously attached during the ongoing money laundering investigation. The case also includes charges under the Prevention of Corruption Act and relevant fraud provisions.
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