The Aryavarth Express
Agency(Madhya Pradesh): The Enforcement Directorate (ED) has taken decisive action in the money laundering investigation against Jagdamba AMW Automotives Pvt Ltd (JAAPL) by attaching 55 properties, both movable and immovable, with a combined worth of Rs 5.32 crore across Madhya Pradesh. This move, announced on Tuesday, encompasses a range of assets including agricultural, commercial, and residential land, a vehicle showroom/dealership, a residential house, and cars located in Jabalpur, Bandhavgarh (Umaria), Rewa, Shahdol, and Sleemanabad (Katni).
The attachment of these properties by the ED’s Bhopal unit was executed under the stringent guidelines of the Prevention of Money Laundering Act (PMLA), 2002. This step marks a significant development in the case surrounding JAAPL, which became the subject of the ED’s investigation following the Central Bureau of Investigation’s (CBI) lodging of an FIR and subsequent chargesheet. The charges were directed against Krishan Dutt Dubey, a former Manager at Canara Bank’s SME Branch in Jabalpur, alongside JAAPL, its directors Pushpendra Singh, Yogendra Pratap Singh, Shailendra Singh, Pratima Singh, and employees Sachin Urmalia and Rahul Garg. These individuals faced allegations under various sections of the Indian Penal Code, 1860, and the Prevention of Corruption Act, 1988.
The ED’s probe uncovered that JAAPL, chiefly through director Pushpendra Singh, fraudulently obtained 50 vehicle loans under false pretenses, failing to deliver the vehicles and consequently inflicting a wrongful loss of Rs 14.93 crore on Canara Bank. Investigations further revealed that Singh rerouted the loan funds to his personal and family members’ accounts, using them to clear other liabilities and dues. Remarkably, Singh also channeled these ill-gotten gains 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 efforts to dismantle financial fraud and money laundering networks, ensuring accountability and justice for malpractices affecting the financial sector.