Mumbai, March 25 – A special court in Mumbai has denied bail to Pune businessman Amit Thepade in a ₹117-crore money laundering case. The court’s ruling emphasizes the seriousness of economic offenses and their potential threat to the country’s financial health.
Key Developments in the Case
The special PMLA court judge, R B Rote, rejected Thepade’s bail plea on March 20, citing a “formidable case” against him based on statements recorded under the Prevention of Money Laundering Act (PMLA). The court noted “sufficient material” connecting Thepade to the offense.Amit Thepade, director and promoter of Galaxy Construction and Contractors Pvt Ltd (GCCPL) and Mitsom Enterprises Pvt Ltd (MEPL), was arrested by the Enforcement Directorate (ED) on August 24, 2025. The ED’s case stems from a 2022 CBI First Information Report (FIR) alleging fraudulent means to obtain and enhance credit facilities from Canara Bank in Pune.
Legal Arguments Presented
The defence lawyer, Mithilesh Mishra, argued that Thepade had mortgaged immovable properties to obtain a loan and returned a portion of the amount. He characterized the dispute as a civil matter concerning repayment.However, the ED, represented by public prosecutor Arvind Aghav, contended that Thepade had mortgaged properties that had already been sold to third parties. The prosecution highlighted that after the loan became a Non-Performing Asset (NPA), the bank discovered the flats had been sold to another party.
Court’s Ruling and Financial Details
The court acknowledged Thepade’s return of ₹26 crore towards interest on the credit facilities. However, it stated that this deposit did not absolve him of criminal liability. The judge specifically questioned the “double mortgaging of flats” and concluded that considering the severity of the offense, Thepade's role, and the broader societal interest, he was not entitled to bail.Timeline of Events
- August 24, 2025: Amit Thepade arrested by the Enforcement Directorate (ED).
- March 20: Special court denies bail to Amit Thepade in the ₹117-crore money laundering case.
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