ED Arrests Businessman in ₹117 Crore Canara Bank Fraud Case

The Enforcement Directorate has arrested Pune-based businessman Amit Ashok Thepade from a five-star hotel in South Mumbai after he allegedly cheated Canara Bank of ₹117 crore. The arrest comes after months of tracking, as Thepade was accused of using fraudulent means to secure loans by mortgaging properties that were already sold or pledged elsewhere. His case highlights both the scale of banking frauds and the challenges in protecting public funds.

Investigators allege that Thepade’s companies, Galaxy Constructions & Contractors Pvt Ltd and Mitsom Enterprises Pvt Ltd, obtained loans on the basis of forged documents and diverted the funds for personal benefit. The matter was first taken up by the CBI in 2022, and later the ED launched a money laundering probe under the Prevention of Money Laundering Act. His arrest in a luxury hotel underscores how financial offenders attempt to evade authorities while enjoying high-end lifestyles.

The ED seized gold and diamond jewellery worth ₹2.33 crore, ₹9.5 lakh in cash, bullion, two vehicles, digital devices, and froze over 50 bank accounts linked to him. Officials believe these assets are part of the proceeds of crime, and further questioning is expected to reveal a wider network of beneficiaries and potential accomplices.

For Tier 2 cities, cases like this carry particular relevance. Many small investors and local businesses depend heavily on the banking system’s credibility. When fraud of such magnitude occurs, it not only weakens confidence in financial institutions but also threatens the trust of people who rely on loans for growth and stability. In places where property deals are common and paperwork may not be thoroughly scrutinized, such scams serve as a warning.

Thepade has been remanded to ED custody for five days, with investigators looking into the trail of diverted funds and irregular transactions. The outcome of this probe is likely to influence how banks tighten their checks and strengthen safeguards against fraudulent borrowers in the future.

In conclusion, this arrest is more than a single case of financial wrongdoing—it reflects the urgent need for stricter banking vigilance and transparent systems. For India’s growing cities beyond metros, safeguarding financial trust is vital, and ensuring accountability in such high-profile cases is an important step toward protecting both banks and ordinary citizens