The Enforcement Directorate (ED) has arrested Amit Ashok Thepade, a businessman, in connection with a money laundering case involving a Rs 117.06 crore bank fraud at Canara Bank. Thepade was apprehended at a five-star hotel in South Mumbai, where he had been residing for nearly two months. The ED’s Mumbai zonal office arrested him on August 24 under the Prevention of Money Laundering Act.
Following his arrest, a search of the hotel room led to the seizure of various assets, including Rs 9.5 lakh in cash, gold and diamond jewelry worth Rs 2.33 crore, bullion, two vehicles, and several digital devices. Additionally, more than 50 bank accounts were frozen as part of the investigation. Thepade has been remanded to ED custody for five days by a special PMLA court.
The investigation into the case began with two First Information Reports (FIRs) filed by the Central Bureau of Investigation (CBI) against Galaxy Constructions & Contractors Pvt Ltd and Mitsom Enterprises Pvt Ltd, both companies owned by Thepade. According to officials, these companies secured loans from Canara Bank by mortgaging properties that had already been sold or pledged multiple times. The funds were then siphoned off, and Thepade allegedly played a key role in setting up a complex financial network to launder the money and disguise it as legitimate assets.
The ED’s investigation, which included surveillance and forensic analysis of transactions, revealed attempts to conceal the origin of the proceeds of crime. Thepade’s arrest is a result of this ongoing investigation, and further probe into the matter is currently underway. The case highlights the ED’s efforts to crack down on money laundering and bank fraud, and Thepade’s arrest marks a significant development in the investigation. The ED will likely continue to investigate and gather evidence to build a strong case against Thepade and other individuals involved in the alleged fraud.