Guwahati, March 14: The Directorate of Enforcement (ED) has conducted search operations across nine locations in Assam and Mizoram in connection with a Rs. 146 crore vehicle loan fraud case involving Mahindra & Mahindra Financial Services Limited (MMFSL).

The ED initiated its investigation based on multiple First Information Reports (FIRs) registered by Mizoram Police under various sections of the Indian Penal Code (IPC), 1860. The FIRs and subsequent charge sheets revealed a widespread conspiracy involving car dealers, MMFSL employees, and other individuals who fraudulently secured loans using fabricated customer profiles and forged documents such as Voter IDs, Aadhaar Cards, and Income Certificates.

According to ED findings, four car dealers collaborated with Jakir Hussain, a former MMFSL employee, to orchestrate the scam. Out of the Rs. 146 crore siphoned, Rs. 71 crore has been recovered through loan repayments, while Rs. 75 crore remains untraced and is believed to be with the main accused and the involved car dealers.

During the search operations, the ED recovered significant details regarding immovable and movable assets, including bank accounts linked to the accused. As part of the ongoing probe, authorities have provisionally attached Rs. 9.9 crore and two vehicles purchased using the proceeds of crime under a Provisional Attachment Order (PAO) issued on March 7, 2025.

Investigation is still in progress.

Read: CAG report flags Rs. 1,577 cr revenue loss in Meghalaya

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