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

The Directorate of Enforcement has facilitated the restitution of properties worth approximately ₹45 crore to Canara Bank in connection with a bank fraud and money laundering case involving M/s Jagdamba AMW Automotives Private Limited. The restitution follows an order passed on 29 January 2026 by the Special Court (PMLA), Jabalpur, directing the return of three attached properties to the victim bank under Section 8(8) of the Prevention of Money Laundering Act, 2002.

The case stems from a CBI investigation alleging that Jagdamba AMW Automotives Pvt. Ltd., its director Pushpendra Singh, family members and bank officials fraudulently availed vehicle loans by forging documents and without delivering vehicles, causing a loss of ₹18.32 crore to Canara Bank. The ED’s probe revealed that the proceeds of crime were diverted for personal use and routed through family accounts and other businesses. Earlier, the ED had provisionally attached assets worth ₹5.32 crore, which were later confirmed. With the Special Court’s restitution order, assets with a present market value of about ₹45 crore have now been restored to the bank, marking a significant recovery in the case.