The Aryavarth Express
Agency(New Delhi): In a decisive action against financial fraud, the Enforcement Directorate (ED) announced the attachment of 55 properties, valued at Rs 5.32 crore, in connection with the Jagdamba AMW Automotives Pvt Ltd (JAAPL) money laundering case in Madhya Pradesh. The attached properties encompass a broad spectrum, including agricultural, commercial, and residential land, along with a vehicle showroom/dealership, residential houses, and cars spread across various locations such as Jabalpur, Bandhavgarh (Umaria), Rewa, Shahdol, and Sleemanabad (Katni).
This significant move comes under the purview of the Prevention of Money Laundering Act (PMLA), 2002, following a meticulous investigation initiated by the ED’s Bhopal unit. The investigation was sparked by a First Information Report (FIR) and chargesheet filed by the Central Bureau of Investigation (CBI) against Krishan Dutt Dubey, a former manager at Canara Bank’s SME Branch in Jabalpur, and others associated with JAAPL, including its directors and employees, under various sections of the Indian Penal Code, 1860, and the Prevention of Corruption Act, 1988.
The ED’s inquiry uncovered that JAAPL, primarily through its director Pushpendra Singh and in collaboration with other accused, engaged in the fraudulent acquisition of 50 vehicle loans without the delivery of the vehicles, thereby inflicting a wrongful loss of Rs 14.93 Crore on Canara Bank. Further investigation revealed that Pushpendra Singh had diverted these loan amounts to his personal and family accounts, using them to settle other liabilities and dues. It was also discovered that Singh channeled the misappropriated funds into his other ventures, notably a liquor business, resulting in total proceeds of crime amounting to Rs 18.94 crore.
This case underscores the ED’s ongoing commitment to identifying and dismantling networks involved in money laundering and financial fraud, thereby upholding the integrity of India’s financial system.