Daijiworld Media Network - Mumbai

Mumbai, Aug 25: The Enforcement Directorate (ED) has arrested Amit Ashok Thepade, a key accused in a Rs 117.06 crore bank fraud case involving Canara Bank, under the Prevention of Money Laundering Act (PMLA), 2002.

Thepade, who had been absconding for months, was traced to a five-star hotel in South Mumbai, where he had been staying discreetly for the past two months. Acting on specific intelligence, ED officials apprehended him on August 24, and conducted searches at the location.

The operation led to the freezing of over 50 bank accounts and the seizure of assets including Rs 9.5 lakh in cash, bullion, gold and diamond jewellery worth Rs 2.33 crore, two vehicles, and multiple digital devices suspected to hold critical financial evidence.

The arrest stems from two FIRs filed by the CBI (ACB, Pune) against Thepade’s companies — Galaxy Constructions & Contractors Pvt Ltd (GCCPL) and Mitsom Enterprises Pvt Ltd (MEPL). The firms allegedly availed credit from Canara Bank using fraudulent mortgages — in some cases mortgaging properties already sold or pledged multiple times — and diverted the funds for personal gain instead of business use.

The ED described Thepade as the prime conspirator, who created a complex network to launder money, obscure the origin of the funds, and portray them as legitimate business income. Forensic financial analysis and surveillance revealed multiple suspicious transactions.

Thepade has been remanded to ED custody for five days by a special PMLA court. Investigations to identify further accomplices and trace laundered assets are ongoing.