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An absconding Pune businessman was arrested by ED in Mumbai in a Rs 117.06 crore Canara Bank loan fraud, with cash and jewellery seized.
ED Arrests Absconding Pune Businessman
The Enforcement Directorate (ED) in Mumbai arrested the director of a Pune-based real estate company from a five-star hotel on August 24. The action is in connection with an ongoing investigation into a bank fraud, amounting to Rs 117.06 crore.
The accused, Amit Ashok Thepade, was arrested along with Rs 9.5 lakh in cash and gold and diamond jewellery worth Rs 2.3 crore.
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He was staying in this hotel in south Mumbai for the past two months. A special Prevention of Money Laundering Act (PMLA) court has sent him to ED custody for five days, the central probe agency said in a statement on Monday.
The ED said Thepade had been “evading the authorities for a considerable period”, was traced to the hotel following “extensive” surveillance and forensic financial analysis.
He is being investigated in a Rs 117.06 crore loan fraud case involving the Canara Bank.
Money Laundering Case
The money laundering case stems from a CBI FIR filed against two companies named Galaxy Constructions and Contractors Pvt Ltd (GCCPL) and Mitsom Enterprises Pvt Ltd (MEPL).
Both the companies are “owned and controlled” by Thepade and had availed credit facilities from Canara Bank by mortgaging some immovable properties, according to the ED.
ED further reported that a search conducted at the hotel premises led to the recovery and freezing of more than 50 bank accounts, seizure of 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 probe found that the accused 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 was quoted by PTI as saying.
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