Aizawl: At least 11 people have been arrested in Mizoram for defrauding a private non-banking financial company to the tune of Rs 150 crore, a top police official said on Friday.
Mizoram DGP Anil Shukla said the scam, which involves five local car dealers, has been operating for four years.
The fraud came to light on March 20 when Mahindra & Mahindra Finance Services Limited (MMFSL) lodged a complaint against it at Aizawl police station, after Zakir Hussain (41), a business manager of Mizoram region, resident of Tezpur, Assam, accused him of giving fake vehicle loan. Accused of. Disbursement.
He said that on the basis of the company's complaint, another case was registered at the Crime and Economic Offenses police station here on March 29.
During investigation, it was found that Hussain and some branch staff opened a fake bank account in the name of Mahindra Finance Limited in Khatal branch of Mizoram Rural Bank (MRB) in 2020 by using forged documents to park the fraudulent money. .
"So far, we have arrested 11 people, including mastermind Zakir Hussain, in the Rs 150 crore financial fraud case," he said.
The mastermind, Hussain, sanctioned loans to fake customers, never delivered the vehicles but sold them at discounted prices, the officer said.
The operation ensured timely EMI payments to avoid suspicion, while during the audit the fraudulent files were transferred to the residence of an associate.
Additionally, 26 bank accounts, totaling Rs 2.5 crore, were frozen, of which five suspects are in police remand and others in judicial custody.
Mizoram DGP Anil Shukla said the scam, which involves five local car dealers, has been operating for four years.
The fraud came to light on March 20 when Mahindra & Mahindra Finance Services Limited (MMFSL) lodged a complaint against it at Aizawl police station, after Zakir Hussain (41), a business manager of Mizoram region, resident of Tezpur, Assam, accused him of giving fake vehicle loan. Accused of. Disbursement.
He said that on the basis of the company's complaint, another case was registered at the Crime and Economic Offenses police station here on March 29.
During investigation, it was found that Hussain and some branch staff opened a fake bank account in the name of Mahindra Finance Limited in Khatal branch of Mizoram Rural Bank (MRB) in 2020 by using forged documents to park the fraudulent money. .
"So far, we have arrested 11 people, including mastermind Zakir Hussain, in the Rs 150 crore financial fraud case," he said.
The mastermind, Hussain, sanctioned loans to fake customers, never delivered the vehicles but sold them at discounted prices, the officer said.
The operation ensured timely EMI payments to avoid suspicion, while during the audit the fraudulent files were transferred to the residence of an associate.
Additionally, 26 bank accounts, totaling Rs 2.5 crore, were frozen, of which five suspects are in police remand and others in judicial custody.
