GUWAHATI: Police have arrested 11 people, including the mastermind Jakir Hussain, for committing a financial fraud amounting to approximately ₹150 crore in Mizoram's Aizawl. Hussain, who was the Area Manager of Mahindra & Mahindra Financial Services Ltd. (MMFSL), along with his associates, allegedly created over 2,000 fake files to sanction vehicle loans for non-existent customers.
The case came to light after a complaint was lodged on March 20, 2024, by Ankit Bagree, Circle Head of MMFSL. He alleged that Hussain had been involved in fraudulent activities while disbursing vehicle loans. Another complaint was filed on March 29, 2024, by Chanpreet Singh, Business Head at MMFSL, leading to further investigation.
The Special Investigation Team (SIT), constituted for the case, uncovered that Hussain had opened a bank account by impersonating a business head under the name "Mahindra Finance Limited." This fake account, set up at the Khatla Branch of Mizoram Rural Bank, was used to execute the fraud by receiving payments from various car dealers involved in the conspiracy.
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The following individuals were arrested for their roles in the fraud:
• Jakir Hussain: The alleged mastermind behind the scam. He orchestrated the fraud, created fake documents, and set up a fake bank account to hold defrauded funds.
• H. Lalthankima: An office staff member who assisted in opening the fake bank account and creating fake loan files.
• Edenthara: A business executive who was involved in creating fake documents and misrepresenting their office designations to open the fraudulent bank account.
• Manoj Sunar: A private employee on the payroll of Jakir, who supported him in the preparation of fake files. He was paid Rs. 15,000 per month to assist in the operations.
• Rintu: A private driver who acted as Jakir's driver and facilitated various fraudulent activities.
• Kajal Das: An employee of a Tata dealer who was paid Rs. 30,000 for each fake file he assisted in creating.
• C. Lalawmpuia: A private individual involved in preparing forged files for the scam.
• Yogesh Sarda: A former employee and Circle Head of Mahindra who allegedly embezzled large sums of money.
• Lalrinnunga Ralte: An employee of MMFSL who served as the main connection between Jakir and the car dealers involved in the scam.
• Lalchhandama: Another employee of MMFSL whose account was used for embezzlement.
• Praloy Das: A superior of Jakir who played a role in the conspiracy and embezzled significant funds.
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The SIT has recovered significant evidence, including 26 bank accounts with around Rs. 2.5 crores, 15 brand new cars worth over Rs. 3 crores, 3 laptops, 10 mobile phones, 549 ghost customer files, 25 forged seals, and over 30 SIM cards. Additionally, landed properties belonging to Jakir Hussain worth around Rs. 3 crores have been identified.
The investigation also revealed that certain car dealerships were involved in the conspiracy, including CK Motors Hyundai, NBE Tata, Rafael Nissan, Aidu Motors Renault, and Standard Motors (three-wheelers). The accounts of these dealers, amounting to about Rs. 1 crore, have been frozen, and they have returned over Rs. 3.47 crores directly to MMFSL.
Further investigation into the case is ongoing.
