Aizawl, April 27: In a startling case of financial fraud, Mizoram police have uncovered a massive scam involving sanctioning over 2,000 ghost vehicle loans amounting to a staggering Rs 150 crore by an employee of a private non-banking financial company.
The Special Investigation Team (SIT) constituted by the Mizoram police has arrested 11 individuals, including the alleged mastermind, Jakir Hussain, a resident of Tezpur, Assam, who was working as the area business manager for Mahindra and Mahindra Financial Services Limited (MMFSL) in Mizoram.
According to Mizoram Director General of Police Anil Shukla, Hussain orchestrated the elaborate fraud scheme over the past four years, starting in 2020. He conspired with a few branch employees to forge documents and open a fake bank account in the name of Mahindra Finance Limited at Mizoram Rural Bank’s Khatla branch.
The modus operandi involved using forged files and documents to sanction vehicle loans to over 2,000 non-existent or “ghost” customers. However, instead of delivering the vehicles to these fictitious customers, Hussain and his associates sold the vehicles to other individuals at discounted prices.
Hussain meticulously paid the EMI payments on time to avoid suspicion and ensure the ghost loan accounts did not turn into non-performing assets. During company audits, he would shift the fake files from the office to the residence of one of his accomplices, Manoj Sunar, who was paid Rs 15,000 monthly for his role in the fraud.
The SIT has recovered substantial evidence, including 15 new cars worth Rs 3 crore, laptops, mobile phones, 549 ghost customer files, forged seals, SIM cards, and other incriminating materials. Additionally, 26 bank accounts, including those of local car dealers, amounting to Rs 2.5 crore, have been frozen.
Five accused, including Hussain, are currently in police remand. At the same time, the remaining six have been sent to judicial custody. The investigation is ongoing, and more arrests are likely as the police unravel the intricate web of this massive financial fraud case, which has been termed the biggest in the history of Mizoram and the entire Northeast region.
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