ED arrests absconding accused in Canara Bank fraud from posh hotel

The ED probe in the case was registered on the basis of two FIRs registered by the CBI and Pune ACB  against two firms owned by Thepade — Galaxy Constructions & Contractors Pvt Ltd (GCCPL) and Mitsom Enterprises Pvt Ltd (MEPL).

As per the case, the accused had mortgaged various immovable properties to get loans from Canara Bank. However, according to the investigation, it was found that the properties had already been sold or mortgaged in many places thereby defrauding the bank of Rs 117 crore, said an official.

According to the investigation, the accused allegedly misappropriated the loan amount for personal use. Also, when the ED investigated the matter further, it was found that Thepade had invested the funds obtained through illegal means and had carried out many illegal transactions to invest the money in various places , an official claimed.

Investigators tracked multiple suspicious transactions which were designed to obscure the true origin of the proceeds of crime and project them as legitimate business income, the official said.

The ED froze more than 50 bank accounts, seized cash worth Rs 9.5 lakh, gold, jewellery and diamond-studded jewellery worth Rs 2.33 crore, two vehicles and digital devices containing evidence of financial transactions.