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ED arrests Pune builder from Mumbai hotel in bank loan fraud case
Updated On: 25 August, 2025 10:41 PM IST | Mumbai | mid-day online correspondent
The ED alleged that probe found that the accused conspired to "defraud" the bank by mortgaging properties that had already been sold or by "double-mortgaging" the same properties, thereby securing loans and subsequently siphoning off the funds for personal use
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The builder is being probed in a Rs 117.06 crore loan fraud case, ED said. Pic/X
The Enforcement Directorate (ED) on Monday said that it has arrested the director of a Pune-based real estate company from a five-star hotel in south Mumbai along with Rs 9.5 lakh in cash and gold and diamond jewellery worth Rs 2.3 crore in a bank loan fraud case, reported the PTI.
The builder, identified as Amit Ashok Thepade, was taken into custody on Sunday from the hotel in south Mumbai, where he had been staying for the past two months.
A special Prevention of Money Laundering Act (PMLA) court has sent him to ED custody for five days, the federal probe agency said in a statement on Monday, according to the PTI.
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