AMN
The Enforcement Directorate (ED), Mumbai, has arrested Amit Ashok Thepade in connection with a ₹117.06 crore bank fraud case involving Canara Bank. He was taken into custody on 24 August 2025, after evading authorities for several months.
According to ED officials, Thepade had been traced to a five-star hotel in South Mumbai, where he had been discreetly staying for the past two months. Acting on actionable intelligence, investigators conducted searches at the hotel, uncovering extensive evidence of financial wrongdoing.
The operation led to the freezing of more than 50 bank accounts, the seizure of ₹9.5 lakh in cash, and recovery of bullion, gold and diamond jewellery valued at ₹2.33 crore, along with two vehicles. Authorities also confiscated multiple digital devices believed to hold crucial records of suspicious financial transactions.
The accused was produced before the Special Court (PMLA), which has granted five days of ED custody for further interrogation. Officials said the arrest marks a significant breakthrough in unraveling the wider network behind the multi-crore fraud.
