Court Denies Bail in High-Profile Money Laundering Case
A Mumbai court has denied bail to Pune businessman Amit Thepade in a Rs 117-crore money laundering case, citing the severe threat posed by economic offences to the nation's financial health. Thepade's arrest by the Enforcement Directorate was linked to fraudulent activities involving credit facilities from Canara Bank.
- Country:
- India
A special court in Mumbai has refused bail to Pune businessman Amit Thepade, who is implicated in a Rs 117-crore money laundering case. The court underscored the seriousness of economic offences, declaring them a major threat to the country’s financial health.
Judge R B Rote of the special PMLA court highlighted 'sufficient material' connecting Thepade to the offence while rejecting his bail plea. Thepade, who was arrested in August 2025, allegedly engaged in fraudulent practices to obtain credit from Canara Bank.
The court also noted discrepancies in property mortgaging and stated that Thepade's repayment of Rs 26 crore did not exempt him from criminal charges. Given the gravity of the allegations, the court ruled against granting bail.
ALSO READ
-
Pune Businessman's Bail Denied in Rs 117-Crore Money Laundering Case
-
DMK Seeks Court's Intervention in Money Laundering Probe Against Former AIADMK Ministers
-
DMK Urges Investigation into AIADMK Ministers' Alleged Money Laundering
-
IRS Officer's Bail Denied in High-Profile GST Bribery Case
-
Tensions Surge as Hungary Withholds $82 Million from Ukraine Amidst Money Laundering Probe
Google News