2,000 Ghost Customers, Fake Mahindra Account: Rs 150 Crore Scam In Mizoram

way2barak, April 28: At least 11 people were arrested on charges of defrauding Rs 150 crore of a private non-banking financial company in Mizoram. Mizoram DGP Anil Shukla said the scam, involving five local car dealers, operated over four years.

The fraud came to light on March 20 after Mahindra and Mahindra Financial Services Limited (MMFSL) filed a complaint at Aizawl police station against its Mizoram area business manager Jakir Hussain (41), a resident of Tejpur in Assam, accusing him of orchestrating fraudulent vehicle loan disbursements.

Another case was registered on March 29 at the crime and economics offence police station here based on the complaint filed by the company, he said. During the investigation, it was found that Hussain and a few branch employees opened a fake bank account in the name of Mahindra Finance Limited at Khatla branch of Mizoram Rural Bank (MRB) in 2020 using forged documents to park the defrauded money, he said.

“So far, we have arrested 11 people, including the mastermind Jakir Hussain in connection with the financial fraud amounting to Rs 150 crore,” he added.

Hussain, the mastermind, sanctioned loans to fictitious customers, never delivering vehicles but selling them at discounted prices, the officer said. The operation ensured timely EMI payments to avoid suspicion, while fraudulent files were shifted to an accomplice’s residence during audits.

Additionally, 26 bank accounts, totaling Rs 2.5 crore, were frozen, with five suspects in police remand and the others in judicial custody.