The Enforcement Directorate (ED) has arrested businessman Amit Ashok Thepade from a luxury hotel in South Mumbai in connection with a massive ₹117 crore fraud against Canara Bank. The arrest followed weeks of surveillance after he had been evading authorities for nearly two months.

Investigations revealed that two companies controlled by Thepade—Galaxy Constructions & Contractors Pvt Ltd and Mitsom Enterprises Pvt Ltd—secured bank loans by mortgaging properties that were either already sold or previously pledged with other lenders. This fraudulent arrangement allegedly allowed the firms to siphon off large sums while leaving the bank exposed to significant losses.

As part of the crackdown, the ED froze over 50 bank accounts linked to the accused and seized assets including ₹9.5 lakh in cash, jewellery worth around ₹2.3 crore, two luxury vehicles, and multiple digital devices suspected of containing crucial financial data. Officials stated that these measures were necessary to prevent further diversion of funds and to preserve evidence for trial.

The case was presented before a special court and has been remanded to ED custody for five days under the Prevention of Money Laundering Act. During this period, investigators aim to uncover the full scale of the fraud, trace additional beneficiaries, and identify possible accomplices.

Preliminary findings suggest that Thepade employed layered financial transactions to disguise the true origin of funds, a tactic often used in money laundering operations. Authorities believe that these methods were deliberately designed to make the money trail difficult to detect.

This case highlights the ED’s continued efforts to strengthen accountability within the banking sector and to act against financial crimes that jeopardize public funds. Further inquiries are underway to recover additional assets and hold all responsible parties to account.