Pune Businessman's Bail Denied in Rs 117-Crore Money Laundering Case

Amit Thepade, a Pune businessman, was denied bail by a Mumbai special court in a Rs 117-crore money laundering case. The court emphasized the seriousness of economic offences and noted substantial evidence against Thepade. Thepade faces allegations of using fraudulent means to enhance credit facilities from Canara Bank.

A special court in Mumbai has denied bail to Amit Thepade, a Pune businessman, in connection with a Rs 117-crore money laundering case. The court highlighted the severe impact of economic offences on the country's financial health, underscoring that substantial evidence points to Thepade's involvement.

The Enforcement Directorate (ED) arrested Thepade, the director of Galaxy Construction and Contractors Pvt Ltd and Mitsom Enterprises Pvt Ltd, in August 2025. The charges stem from a 2022 CBI FIR accusing Thepade and associates of using deceitful means to secure and increase credit facilities for his companies from Canara Bank in Pune.

Although the defense argued that the loans were secured and partially repaid, the prosecution revealed the properties mortgaged for loans were previously sold. Given the gravity and scope of the allegations, the court ruled that Thepade should not be granted bail.

(With inputs from agencies.)