Mumbai Court Denies Bail To Amit Thepade In ₹117 Crore Canara Bank Fraud Case

Mumbai: The special court under the Prevention of Money Laundering Act has refused to grant bail to 48-year-old businessman Amit Thepade, arrested last year for alleged money laundering to the tune of Rs 117 crore linked to a bank fraud. The court observed that Thepade is the kingpin of the fraud.

Thepade, director and promoter of Galaxy Construction and Contractors Pvt Ltd (GCCPL) and Mitsom Enterprises Pvt Ltd (MEPL), was arrested on August 24, 2025, from a city-based five-star hotel where he had been hiding for two months. A search of his room led to the seizure of gold bullions, ornaments, diamond jewellery and silver valued at Rs 2.33 crore, along with Rs 9.5 lakh in cash. The Enforcement Directorate (ED) claimed that Thepade fraudulently availed enhanced credit facilities from Canara Bank, Pune, in 2011. These accounts were declared non-performing assets (NPA) in 2017, with an NPA value of ₹82.30 crore.

Defense lawyer Mithilesh Mishra argued the loans were secured by mortgaging properties and part of the amount was returned. However, ED prosecutor Arvind Aghav opposed the plea, revealing that Thepade had mortgaged properties already sold to third parties. In one instance, he allegedly demolished row houses mortgaged to the bank to develop and sell new flats.

The prosecution further argued that the suspect used 23 entities and 62 bank accounts in the names of his staff to inflate turnovers and siphon off loan proceeds. The court noted that while Thepade returned Rs 26 crore towards interest, this did not discharge him from criminal liability. Citing the lack of explanation regarding the double mortgaging and demolition of secured assets, the court rejected the bail plea.

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