ED conducted searches on 13.01.2024 under the provisions of the PMLA 2002 at 8 premises in Jabalpur, Katni, Satna and Rewa of Madhya Pradesh in the matter of M/s Jagdamba AMW Automotives Pvt. Ltd. and others.
Reetu | Jan 16, 2024 |
ED conducted searches at 8 premises in Madhya Pradesh under PMLA; Seized Cash woth Rs. 16 lakhs
The Directorate of Enforcement (ED) has conducted searches on 13.01.2024 under the provisions of the Prevention of Money Laundering Act (PMLA), 2002 at 8 premises in Jabalpur, Katni, Satna and Rewa of Madhya Pradesh in the matter of M/s Jagdamba AMW Automotives Pvt. Ltd. and others.
During the search, the main culprit, Pushpendra Singh, director of M/s Jagdamba AMW Automotives Pvt. Ltd., was detained in Jabalpur, and cash worth Rs. 16 lakhs was recovered from Singh’s residential premise, along with immovable property documents.
On 14.01.2024, the apprehended person appeared before the Hon’ble Special Court (PMLA), Jabalpur, who sentenced him to ED custody.
The ED launched an investigation against M/s Jagdamba AMW Automotives Pvt Ltd, its directors, and the Branch Manager of Canara Bank’s SME Branch in Jabalpur based on a FIR filed by CBI, BSFB, New Delhi under different sections of the IPC and Prevention of Corruption Act, 1988.
ED investigation revealed that Pushpendra Singh through M/s Jagdamba AMW Automotives Pvt Ltd in connivance with Krishna Dutt Dubey (deceased), the then branch Manager and others committed fraud to the tune of Rs. 14.93 Crore, from April 2015 to March 2016, by way of wrongful sanction and disbursal of 50 vehicle loans (Truck Loans) on the basis of forged and fabricated documents issued by M/s Jagdamba AMW Automotives Pvt Ltd.
The loan proceeds were sent to the dealer’s bank account, M/s Jagdamba AMW Automobiles Pvt Ltd. However, in most cases, the dealer failed to deliver the automobiles to clients, resulting in NPA accounts and a wrongful loss of Rs.14.93 crore for the bank.
Further, the said loan proceeds was siphoned off from the bank accounts of M/s Jagdamba AMW Automotives Pvt Ltd through RTGS/ cash withdrawal/ repayment of other term loans etc. for his personal use and did not pay the same to the AMW vehicles manufacturer company M/s AMW Motors Ltd for which the loans were sanctioned.
As a result, Pushpendra Singh was found to have knowingly engaged in processes and activities related to criminal proceeds.
Further inquiry is underway.
In case of any Doubt regarding Membership you can mail us at [email protected]
Join Studycafe's WhatsApp Group or Telegram Channel for Latest Updates on Government Job, Sarkari Naukri, Private Jobs, Income Tax, GST, Companies Act, Judgements and CA, CS, ICWA, and MUCH MORE!"
