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Economic Fraud

Mizoram Police Arrests Mahindra Executive Who was the Mastermind Behind Rs. 150 Crore Loan Fraud Scheme



Mizoram: The Mizoram Police have apprehended Jakir Hussain, the mastermind behind a massive fraud involving vehicle loans amounting to approximately Rs 150 crore. As the Area Manager for Mahindra & Mahindra Financial Services Ltd. (MMFSL) in Mizoram, Hussain, along with his associates, orchestrated a scheme by sanctioning loans for over 2000 fictitious customers, creating a complex web of deceit that spanned several years.

The case came to light following a complaint from MMFSL’s Circle Head, Mr. Ankit Bagree, prompting an investigation by the Mizoram Police. Their diligent efforts led to the formation of a Special Investigation Team (SIT), under the supervision of senior officials, which ultimately cracked down on the fraudulent activities. Eleven individuals, including Hussain, have been arrested in connection with the fraud.

Operation Ghost Rider: The Modus Operandi

Jakir Hussain exploited the financial systems by creating ghost accounts to receive and make payments. These accounts were maintained to avoid detection, ensuring that the fake loans did not turn into non-performing assets (NPAs). This deceit involved the active participation of several car dealers in Aizawl, who were part of the scheme, including well-known dealerships like CK Motors Hyundai and Rafael Nissan.

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The police operation led to the recovery of significant assets including 15 high-end cars, and the freezing of 26 bank accounts holding about Rs 2.5 crores. Investigations revealed the involvement of car dealerships, which had funneled about Rs 3.47 crores back to MMFSL, possibly as part of a damage control effort. The involvement of trusted car dealerships has left many customers questioning the integrity of their financial transactions, and the police are working closely with MMFSL to tighten oversight mechanisms.

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