1. Mizoram Police uncovered a massive scam, deemed the largest in the region’s history.
2. Jakir Hussain and associates orchestrate fraud totalling Rs 150 crore through fake vehicle loans.
3. Over 2000 ghost customers implicated in the elaborate scheme.
Aizawl, April 27: Mizoram Police have uncovered what is being described as the largest scam in Mizoram and the entire Northeast region.
The mastermind behind the scam, Jakir Hussain, along with his associates, orchestrated a fraud amounting to approximately Rs 150 crore, involving the sanctioning of vehicle loans through fake files for over 2000 ghost customers.
Jakir Hussain, the alleged mastermind, along with ten others, has been arrested in connection with the scam.
The arrests came after an intensive investigation by the police, which revealed the extent of the fraudulent activities. Among those apprehended are office staff and business executives who allegedly aided in setting up fraudulent bank accounts and initiating fake loans.
As part of the investigation, the police have frozen 26 bank accounts amounting to 2.5 crores. Additionally, 15 cars valued over 3 crores have been recovered from various locations.
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The police have also seized laptops, mobile phones, forged seals, SIM cards, diaries, and various other identity documents during the raids conducted as part of the investigation.
The scam involved the creation of fake files and documents to secure vehicle loans for nonexistent customers. Jakir Hussain, along with his associates, allegedly prepared forged documents and opened bank accounts using fake identities.
They then used these accounts to facilitate the fraudulent transactions. The police have also uncovered the involvement of car dealers in the conspiracy, who allegedly colluded with the accused to further the scam.
The investigation into the scam began after complaints were filed by officials of Mahindra & Mahindra Financial Services Ltd. (MMFSL).
A Special Investigation Team (SIT) was constituted to probe the matter, leading to the arrest of the accused individuals. The police conducted raids at various locations and conducted interrogations to gather evidence.
The accused individuals face charges of fraud, forgery, and conspiracy, among others. The police are also investigating the role of other individuals and entities involved in the scam.
The revelations have raised concerns about loopholes in the oversight process and the need for stricter regulations to prevent such incidents in the future.
The scam has had far-reaching implications, affecting the financial sector and undermining trust in the banking system.
It has also highlighted the need for greater vigilance and transparency in financial transactions.
The arrests of the accused individuals send a strong message that such illegal activities will not be tolerated and perpetrators will be brought to justice.
The busting of the scam by Mizoram Police underscores the importance of robust investigative mechanisms and swift action against financial fraudsters.
It serves as a reminder of the constant vigilance required to safeguard the integrity of the financial system and protect the interests of the public.
