ED Cracks Down: Arrests Pune Businessman in Rs 117-Crore Bank Loan Fraud
The Enforcement Directorate (ED) in Mumbai has arrested a Pune-based businessman in a Rs 117.06 crore Canara Bank loan fraud case, seizing cash and valuable assets.
Bank FraudEdPuneReal EstateMoney LaunderingReal Estate PuneAug 26, 2025
Thepade, who had been evading authorities for a considerable period, was found staying at the hotel for the past two months. During the operation, the ED seized Rs 9.5 lakh in cash and gold and diamond jewellery worth Rs 2.3 crore. A special Prevention of Money Laundering Act (PMLA) court has sent him to ED custody for five days, as stated in a press release by the central probe agency on Monday.
Thepade is the primary suspect in a money laundering case that stems from a CBI FIR filed against two companies: Galaxy Constructions and Contractors Pvt Ltd (GCCPL) and Mitsom Enterprises Pvt Ltd (MEPL). Both companies are owned and controlled by Thepade and had availed credit facilities from Canara Bank by mortgaging some immovable properties.
During the search of the hotel premises, the ED recovered and froze more than 50 bank accounts, seized Rs 9.5 lakh in cash, bullion, gold and diamond jewellery worth Rs 2.33 crore, two vehicles, and digital devices suspected to contain crucial evidence of financial transactions. The ED alleged that Thepade and his accomplices conspired to defraud the bank by mortgaging properties that had already been sold or by double-mortgaging the same properties, thereby securing loans and subsequently siphoning off the funds for personal use.
Thepade played a pivotal role in creating a complex financial network for layering and integrating illicit funds derived from criminal activities. The ED's investigation is ongoing, and they are determined to bring all those involved in the fraud to justice. This case highlights the need for stringent measures to prevent such financial crimes and protect the interests of financial institutions and the public.
The ED's action sends a strong message to other potential offenders that the authorities are vigilant and will not hesitate to take stringent action against those involved in financial fraud and money laundering. The public is encouraged to report any suspicious activities to the relevant authorities to help maintain the integrity of the financial system.
Frequently Asked Questions
Who was arrested by the ED in Mumbai?
Amit Ashok Thepade, the director of a Pune-based real estate company, was arrested by the ED in Mumbai.
What is the amount of the bank loan fraud?
The bank loan fraud amounts to Rs 117.06 crore.
What items were seized during the arrest?
During the arrest, the ED seized Rs 9.5 lakh in cash, gold and diamond jewellery worth Rs 2.3 crore, and other valuable assets.
Which companies are involved in the fraud?
The companies involved in the fraud are Galaxy Constructions and Contractors Pvt Ltd (GCCPL) and Mitsom Enterprises Pvt Ltd (MEPL).
What is the role of the ED in this case?
The ED is investigating the money laundering case and has arrested the suspect, Amit Ashok Thepade, and seized valuable assets.
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