ED Busts Businessman in 5-Star Hotel for ₹117-Cr Bank Fraud
The Enforcement Directorate (ED) in Mumbai has arrested businessman Amit Thepade from a luxury hotel for his involvement in a ₹117-crore bank fraud. The accused had defrauded Canara Bank by availing of loans through mortgaged properties that were either already sold or mortgaged.
Bank FraudEdMumbaiAmit ThepadeCanara BankReal Estate MumbaiAug 26, 2025
Thepade is accused of defrauding the public sector bank by availing of loans and mortgaging properties that had either been sold or already mortgaged. The loans were acquired through two of his firms, Galaxy Constructions and Contractors Private Limited and Mitsom Enterprises Private Limited, and were subsequently diverted for personal use. According to ED officials, Thepade had been evading the authorities for some time, but intelligence inputs led to his arrest.
The financial details seized in the operation are being meticulously scrutinized by the ED for their potential evidentiary value. A city-based special court has remanded Thepade to ED custody for five days. The ED investigation is based on two cases registered in December 2022 by the Central Bureau of Investigation (CBI) in Pune, against Thepade’s firms. The companies, owned and controlled by Thepade, had allegedly availed of credit facilities from Canara Bank by mortgaging various immovable properties.
The ED investigation revealed that Thepade had conspired to defraud the bank by mortgaging properties that had already been sold or by double-mortgaging the same properties, thereby securing loans and siphoning off the funds for personal use. The investigation further uncovered that Thepade played a pivotal role in creating a complex financial network for spreading and integrating the illicit funds. Thepade’s arrest was the result of extensive surveillance and forensic financial analysis, which revealed multiple transactions aimed at concealing the true origin of the proceeds of crime and attempting to pass them off as legitimate assets.
This operation underscores the ED’s commitment to combating financial crimes and bringing those involved to justice. Thepade’s arrest is a significant step in the ongoing investigation, and the ED continues to work diligently to uncover the full extent of the fraud and ensure that all parties involved are held accountable.
Frequently Asked Questions
Who was arrested by the ED in Mumbai?
Businessman Amit Thepade was arrested by the ED in Mumbai for his involvement in a ₹117-crore bank fraud.
What was the nature of the fraud?
Thepade defrauded Canara Bank by availing of loans through mortgaged properties that were either already sold or already mortgaged, and then diverted the funds for personal use.
Where was Thepade found and arrested?
Thepade was found and arrested in a five-star hotel in South Mumbai, where he had been hiding for the past two months.
What were the items seized during the operation?
The ED seized over 50 bank accounts, ₹9.5 lakh in cash, assets worth ₹2.33 crore including bullion, gold, and diamond jewellery, two vehicles, and digital devices containing financial evidence.
What is the next step in the investigation?
Thepade has been remanded to ED custody for five days, and the financial details seized are being scrutinized for their evidentiary value. The ED will continue to investigate the full extent of the fraud.
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