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Accident – Death – Obituary News : : 1. “2000 ghost customers bank fraud”
2. “₹150 cr fake bank account scam”
The Mizoram Police have apprehended 11 individuals involved in a scam worth nearly Rs.150 crore, where vehicle loans were sanctioned to over 2000 ‘ghost’ customers. This scandal is believed to be the largest auto-finance fraud in the northeast region. The accused created a fake bank account under Mahindra and Mahindra Financial Services Limited to carry out the crime over a span of four years. Investigations were initiated last month based on complaints from MMFSL officials, leading to arrests and the recovery of Rs.2.5 crore from frozen bank accounts, Rs.1 crore from car dealers, and over Rs.3 crore in returned funds.
1. ₹150 crore financial scam in Mizoram | Latest India updates
2. Mizoram vehicle fraud scam | ₹150 crore financial scam news India
The Biggest Auto-Finance Scam Unearthed in Mizoram
In a shocking revelation, the Mizoram Police have recently uncovered a massive scam amounting to nearly Rs.150 crore, involving the sanctioning of vehicle loans to over 2000 ‘ghost’ customers. This scandal, believed to be the largest of its kind in the northeast, has sent shockwaves through the region.
Details of the Scam
Addressing a press conference in Aizawl, director general of police (DGP) Anil Shukla provided insights into the elaborate scheme orchestrated by the accused. It has come to light that five car dealers were also complicit in the conspiracy and embezzlement.
Modus Operandi
The accused individuals reportedly opened a fake bank account in the name of Mahindra and Mahindra Financial Services Limited (MMFSL), a key player in the vehicle loan market. Over a span of four years, they utilized this fraudulent account to carry out their illicit activities.
Investigations and Arrests
The investigation was initiated following a complaint lodged by Ankit Bagree, circle head of MMFSL, which led to the registration of a case under various sections of the Indian Penal Code (IPC). Subsequently, another case was filed based on the complaint of Chanpreet Singh, business head at MMFSL.
During the probe, it was revealed that the mastermind behind the scam, Jakir Hussain, along with accomplices, had manipulated the system by impersonating company officials and forging documents to create the fake bank account. Their actions went undetected for an extended period due to loopholes in the company’s oversight mechanisms.
Recoveries and Seizures
As a result of the police operation, significant progress has been made in recovering the ill-gotten gains. Bank accounts totalling Rs.2.5 crore have been frozen, funds amounting to Rs.1 crore held by car dealers have been secured, and Rs.3.47 crore has been returned directly to MMFSL.
Moreover, a substantial number of assets have been seized, including 15 cars valued at over Rs.3 crore, three laptops, 10 mobile phones, 549 ghost customers’ files, 25 forged seals, 30 SIM cards, two personal diaries, and various other incriminating documents.
Conclusion
The unraveling of this elaborate fraud scheme underscores the importance of robust oversight and regulatory measures in the financial sector. The Mizoram Police have demonstrated their commitment to upholding the rule of law and ensuring that perpetrators of financial crimes are brought to justice.
