ED arrests businessman who evaded probe for 2 months
Businessman Amit Thepade was arrested by the Enforcement Directorate (ED) at a five-star hotel in South Mumbai after evading authorities for some time and staying at a five-star hotel in South Mumbai for two months.
He's accused of cheating Canara Bank out of ₹117 crore by taking huge loans through his companies—Galaxy Constructions & Contractors Pvt Ltd and Mitsom Enterprises Pvt Ltd—using properties he'd already sold or pledged elsewhere.
Thepade in ED custody for 5 days
Thepade is facing serious charges of bank fraud and money laundering under the Prevention of Money Laundering Act (PMLA), with the case first registered after two CBI FIRs back in December 2022.
After his arrest, ED seized ₹9.5 lakh cash, gold and diamond jewelry worth ₹2.33 crore, bullion, two cars, and digital devices linked to his finances.
Over 50 bank accounts have been frozen as investigators track down missing funds.
Thepade is now in ED custody for five days as the probe continues.