June 15, 2024

In an astonishing revelation of financial scam, authorities in Mizoram have unearthed a gigantic swindle involving the approval of more than 2,000 phony vehicle loans by a private non-banking financial company employee, totaling a staggering sum of Rs 150 crore.

The Mizoram police-constituted Special Investigation Team (SIT) has brought under custody 11 persons, including the suspected originator, Jakir Hussain, an occupant of Tezpur, Assam. He was serving as the area business executive for Mahindra and Mahindra Financial Services Limited (MMFSL) in Mizoram.

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As per Anil Shukla, Mizoram’s Director General of Police, Hussain was the mastermind behind this sophisticated financial scam that has been ongoing since 2020. In collusion with a handful of branch employees, he falsified documents and opened a spurious bank account under the name of Mahindra Finance Limited at Khatla branch of Mizoram Rural Bank.

The fraudulent strategy encompassed the use of falsified files and paperwork to approve vehicle loans to more than 2,000 non-existant or “phantom” customers. Instead of dispatching the vehicles to these made-up customers, Hussain and his accomplices disposed off the vehicles to other people at reduced costs.

Hussain diligently made timely EMI payments to evade suspicion and grantee that these phantom loan accounts didn’t become non-performing assets. During company audits, he would remove the counterfeit files from the office to Manoj Sunar’s residence, an accessory in the crime, paid Rs 15,000 monthly for his role in the fraudulent activity.

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The SIT has seized substantial proof, incorporating 15 new cars valued at Rs 3 crore, laptops, mobile phones, 549 phantom customer files, fabricated seals, SIM cards, and other implicating items. Also, 26 bank accounts, inclusive of those of local car traders amounting to Rs 2.5 crore, have been suspended.

Currently, five of the accused, including Hussain, are under police detention. Meanwhile, the remaining six have been transferred to judicial custody. The investigation is still unfolding, and more arrests are anticipated as the police untangle the complex structure of this immense financial deceit, dubbed as the largest in the entire Northeast region including Mizoram’s history.

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