ED Arrests Businessman Amit Thepade in ₹117 Crore Canara Bank Fraud Case

(Syed Ali Taher Abedi)

Mumbai, Aug 25: The Enforcement Directorate (ED) has arrested Amit Ashok Thepade in connection with a ₹117.06 crore bank fraud involving Canara Bank. The arrest was made on August 24 by the ED’s Mumbai Zonal Office under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.

Thepade, who had been evading authorities for several months, was tracked down at a prominent five-star hotel in South Mumbai, where he had reportedly been staying for the past two months. Acting on specific intelligence, ED officials conducted a search at the hotel premises, leading to the seizure of ₹9.5 lakh in cash, bullion, gold and diamond jewellery worth ₹2.33 crore, two vehicles, and multiple digital devices. Over 50 bank accounts linked to Thepade were also frozen.

Following his arrest, Thepade was produced before the Special PMLA Court, which remanded him to ED custody for five days.

The ED initiated its probe based on two FIRs filed by the Central Bureau of Investigation (CBI), Anti-Corruption Branch (ACB), Pune, against Galaxy Constructions & Contractors Pvt. Ltd. (GCCPL) and Mitsom Enterprises Pvt. Ltd. (MEPL)—both companies allegedly controlled by Thepade. Investigators found that the companies fraudulently availed credit from Canara Bank by mortgaging properties that were either already sold or double-mortgaged.

According to ED, Thepade played a key role in orchestrating a complex financial network to layer and integrate the illicit funds. Forensic financial analysis revealed multiple transactions intended to obscure the origin of the “proceeds of crime” and present them as legitimate assets.

Further investigation is currently underway.