Mizoram Police uncover ₹150 Crore vehicle loan scam with 2000 ghost customers and fake bank accounts
- In Reports
- 03:31 PM, Apr 27, 2024
- Myind Staff
Mizoram Police arrested 11 individuals for their alleged involvement in a scam totalling nearly Rs150 crore. The scam reportedly involved sanctioning vehicle loans to over 2000 'ghost' (non-existent) customers.
DGP Anil Shukla addressed a press conference in Aizawl, providing details of the case, which is believed to be the largest auto-finance scam in the northeast. It is alleged that five car dealers were also involved in the conspiracy and embezzlement.
According to Shukla, the accused allegedly opened a fake bank account of Mahindra and Mahindra Financial Services Limited, which primarily handles vehicle loan disbursements, to commit the crime over a span of four years.
Last month, police initiated investigations following a complaint from Ankit Bagree, the circle head of MMFSL, leading to a case being registered at Aizawl under sections 408, 467, 468, and 34 of the IPC.
The complaint accused Jakir Hussain, the MMFSL area business manager in Mizoram, of financial fraud during the disbursement of vehicle loans. Subsequently, on March 29, another case was registered at the crime and economic offense wing of the Mizoram Police, based on a complaint from Chanpreet Singh, the business head at MMFSL, under sections 408, 419, 466, 467, 472, 471, 477A, 120B, and 34 of the IPC.
According to DGP Shukla, the investigation revealed that Hussain, along with several branch employees, conspired to commit the fraud. They established a fake bank account closely resembling the name "Mahindra."
This account was opened in 2020 under Mahindra Finance Limited at the Khatla Branch of Mizoram Rural Bank (MRB). Hussain, aided by individuals identified as Edenthara and Lalthankima, impersonated the country business head of MMFSL and submitted forged documents. The bank account was used to hold the defrauded money for over three years.
Police arrested mastermind Hussain on March 29, seizing a personal laptop and several mobile phones. Following interrogation, office staff Lalthankima and business executive Edenthara were arrested on April 2. They confessed to Hussain's scheme, involving fake documents and misrepresentation of their office roles to open a bank account in Mahindra Finance Limited's name using counterfeit stamps and seals.
The account was set up to receive payments from car dealers, including Rafael Nissan, AIDU Motors, National Business Executive, CK Cars, and Standard Motors.
According to police reports, Hussain and his associates regularly made EMI payments for fake accounts by withdrawing money from the fake bank account to prevent ghost loan accounts from becoming NPAs (nonperforming assets) and to avoid arousing suspicion.
Hussain allegedly enlisted the help of a man identified as Manoj Sunar for his fraudulent operations, paying him Rs.15,000 per month. Additionally, Jakir reportedly prepared forged stamps for documentation purposes.
Hussain transported fake files to Sunar's place during audits. Police found 549 files and 25 forged stamps at Sunar's residence, leading to his arrest. Exploiting company oversights, the accused conducted fraudulent activities. Police froze 26 bank accounts (Rs. 2.5 crore), car dealers' accounts (Rs. 1 crore), and recovered Rs. 3.47 crore from dealers. They also seized 15 cars (Rs. 3 crore), three laptops, 10 phones, 30 SIM cards, two diaries, and documents.
Image source: NDTV
Comments