MP News: Directorate Of Enforcement Facilitates Restitution Of ₹45 Crore In Bank Fraud Case

Bhopal (Madhya Pradesh): Directorate of Enforcement (ED), Bhopal Zonal Office, has facilitated restitution of properties of Jagdamba AMW Automotives valued at approximately Rs 45 crore in favour of a nationalised bank against three attached properties.

The restitution relates to a money laundering case against Jagdamba AMW Automotives Private Limited and others. CBI, New Delhi, had registered a case against its directors, Pushpendra Singh, his family members and bank officials for cheating and defrauding the bank, causing a wrongful loss of around Rs 18.32 crore (excluding accrued interest).

ED’s investigation revealed that many vehicle loans were taken fraudulently by forging documents, and the vehicles were never delivered. The loan amounts were then diverted into other businesses, accounts of family members, used for personal gain, and to clear other dues.

So far, ED has established that the proceeds of crime generated by the accused amount to Rs 18.32 crore. Earlier, ED, Bhopal, had provisionally attached immovable and movable properties worth Rs 5.32 crore.

ED files plaint against ex-principal in PMLA Case

Directorate of Enforcement, Bhopal, has filed a prosecution complaint against Santosh Kumar Sharma, former incharge principal of government BEd College in Chhatarpur and others under the provisions of the PMLA, before a special court, said officials. ED initiated investigation on the basis of FIR registered by Lokayukta police office, Bhopal.

The ED investigation revealed that Sharma, while functioning as a public servant, misused his official position to acquire assets disproportionate to his known sources of income amounting to Rs 1,23,32,057.

During the course of investigation, ED attached immovable properties worth Rs 1,19,09,000 and moveable properties worth Rs 3,52,571 taking the total to Rs 1,22,61,571.

During the check period, the accused earned legitimate income amounting to Rs 1,30,27,494 whereas his total expenditure and investments were assessed at Rs 2,53,59,551, resulting in disproportionate assets of Rs 1,23,32,057, that is, approximately 95% excess of his lawful income.