ED restores attached properties valued at Rs 45 crore to bank in loan fraud case

The Enforcement Directorate has facilitated the restitution of properties valued at approximately Rs 45 crore in favour of Canara Bank following an order by the Jabalpur special court. After hearing all parties, the special court PMLA judge Irsad Ahmad passed an order on January 29, 2026, directing the restitution of properties, having a present market value of 45 crore in favour of the victim bank, according to the statement.

The Enforcement Directorate has facilitated the restitution of properties valued at approximately Rs 45 crore in favour of Canara Bank following an order by the Jabalpur special court. The ED found that Pushpendra Singh, director of Sushri Jagdamba AMW Automotives Private Limited, and others availed multiple vehicle loans using forged documents, but didn't deliver the vehicles, the statement said. The loan amount was allegedly used for personal gain and to clear dues, with the accused reportedly cheating lenders of Rs 18.32 crore through false vehicle loans, the statement added. The ED registered a money laundering case against Singh, officials of Canara Bank, and others under provisions of the Prevention of Corruption Act. Under PMLA provisions, the ED provisionally attached movable and immovable properties of the accused, including Singh. The PMLA special court in Jabalpur framed charges after a prosecution complaint was filed in March 2024, the statement said. Canara Bank filed an application on January 9, 2025, seeking restitution of the attached properties under Section 8(8) of the PMLA. After hearing all parties, the special court (PMLA) judge Irsad Ahmad passed an order on January 29, 2026, directing the restitution of properties, having a present market value of 45 crore in favour of the victim bank, according to the statement.

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