Real Estate Director Arrested in Massive Rs 117 Crore Bank Fraud
Amit Ashok Thepade, director of a Pune-based real estate firm, was arrested from a Mumbai hotel in connection with a Rs 117 crore bank loan fraud. The ED seized cash and jewellery worth Rs 2.3 crore. Thepade allegedly defrauded Canara Bank using illegal means, including double-mortgaging properties.
- Country:
- India
The Enforcement Directorate (ED) has arrested Amit Ashok Thepade, a director linked to a Pune real estate firm, from a luxury hotel in Mumbai. The arrest was made in connection to an alleged bank loan fraud involving Rs 117 crore. Thepade was discovered with Rs 9.5 lakh in cash and gold and diamond jewellery valued at Rs 2.3 crore.
Thepade was apprehended on Sunday after a prolonged evasion of authorities. He had been staying at the south Mumbai hotel for two months. Following his capture, a special PMLA court granted ED custody for five days. The investigation, initiated by a CBI FIR related to Canara Bank, involved companies controlled by Thepade.
According to the ED, Thepade used strategic deceit, including double-mortgaging properties, to secure fraudulent loans. Extensive surviellance and forensic analysis linked him to the crime. Searches led to the recovery of crucial evidence and the freezing of over 50 bank accounts, consolidating the probe into this high-stakes financial scandal.
(With inputs from agencies.)
Google News