ED Facilitates ₹45 Crore Property Restitution to Canara Bank in Jagdamba AMW Fraud Case

BHOPAL, January 30, 2026 — In a significant move toward victim compensation in financial crime cases, the Directorate of Enforcement (ED), Bhopal Zonal Office, has successfully facilitated the restitution of properties valued at approximately ₹45 crore to Canara Bank. This action follows a long-standing bank fraud and money laundering investigation involving M/s Jagdamba AMW Automotives Private Limited (JAMW) and its director, Pushpendra Singh. The restitution was ordered by the Hon’ble Special Court (PMLA), Jabalpur, on January 29, 2026, acting on an application filed by Canara Bank under Section 8(8) of the Prevention of Money Laundering Act (PMLA). The properties handed over represent the fair market value of assets previously attached by the ED during their investigation into the siphoning of bank funds.

The case originated from a CBI FIR involving charges of cheating and criminal conspiracy under the IPC and the Prevention of Corruption Act. Investigations revealed that Pushpendra Singh and his associates defrauded Canara Bank, Jabalpur, of approximately ₹18.32 crore by fraudulently availing vehicle loans through forged documents and dummy borrowers. Instead of delivering vehicles, the loan amounts were diverted to Singh’s other businesses, family accounts, and personal gains. While the ED had originally attached properties valued at ₹5.32 crore, their current market valuation has reached ₹45 crore, ensuring the victim bank recovers significantly more than the initial principal loss. This successful restitution highlights the ED’s commitment to not only prosecuting offenders but also ensuring that the “proceeds of crime” are returned to the affected financial institutions.