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The Enforcement Directorate (ED) has arrested Amit Ashok Thepade, the director of Pune-based Galaxy Constructions, in a high-profile bank loan fraud case involving Canara Bank amounting to INR 117.06 crore. Thepade, who had been evading authorities for a prolonged period, was apprehended at a five-star hotel in Mumbai. The ED's investigation, which stemmed from a CBI FIR, revealed that Thepade's companies obtained credit facilities by allegedly double-mortgaging properties that had already been sold, and then siphoning off the funds for personal use.
The Enforcement Directorate (ED) has arrested Amit Ashok Thepade, the director of Pune-based Galaxy Constructions, in a high-profile bank loan fraud case involving Canara Bank. The arrest was made in Mumbai on August 24, 2025, after Thepade, who had been evading authorities for a considerable period, was found staying at a five-star hotel for two months. Advertisement
The ED's money laundering investigation, which stemmed from two separate FIRs registered by the CBI in Pune, revealed that two companies owned and controlled by Thepade-Galaxy Constructions and Contractors Pvt Ltd (GCCPL) and Mitsom Enterprises Pvt Ltd (MEPL)-had obtained credit facilities from Canara Bank. According to the investigation, the companies conspired to defraud the bank by mortgaging properties that had already been sold or by double-mortgaging the same properties. The funds were then allegedly siphoned off for personal use rather than being used for business purposes.
During the arrest, the ED seized INR 9.5 lakh in cash and gold and diamond jewelry valued at INR 2.33 crore, along with two vehicles and various digital devices. A special Prevention of Money Laundering Act (PMLA) court has remanded Thepade to ED custody for five days. The agency is also working to track a complex financial network that was allegedly created by Thepade to conceal the true origin of the illicit funds. This arrest is a significant step in the ongoing investigation and highlights the ED's focus on cracking down on bank fraud in the real estate sector.
Source: PTI
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