Enforcement Directorate has arrested a businessman man from a prominent five-star hotel in south Mumbai on Sunday in a money laundering case. Anil Thepade
is being investigated in a bank fraud to the tune of Rs 117 crore. ED has said Thepade was staying in the plus hotel for past two months. "He had been evading authorities for a considerable period. Based on actionable intelligence gathered, ED officials located him at a prominent five-star hotel in South Mumbai, where he had been staying for the past two months," ED said in a statement on Monday. Search conducted at the hotel premises led to the freezing of more than 50 bank accounts, seizure of cash amounting to Rs 9.5 lakh, bullion, gold and diamond jewellery worth Rs 2.33 cr, two vehicles, and digital devices suspected to contain crucial evidence of financial transactions. ED's money laundering case stems from two CBI FIRs filed in against Galaxy Constructions and Contractors Private Limited and Mitsom Enterprises Private Limited. "These companies are owned and controlled by Amit Thepade had availed credit facilities from a public sector bank by mortgaging various immovable properties. However, these had already been sold or by double-mortgaging the same properties, thereby securing loans, and subsequently siphoning off the funds for personal use," said ED. "Amit Thepade played a pivotal role in creating a complex financial network for layering and integrating illicit funds derived from criminal activities," said officials. His arrest happened after extensive technical surveillance. Thepade was produced in the court and remanded to ED's custody for five days.
