Fake Mahindra Account: Rs 150 Crore Scam In Mizoram – 2,000 Ghost Customers Uncovered

The Mizoram Police has recently uncovered a long-running scam and arrested 11 individuals, including the alleged mastermind, who were involved in a financial fraud scheme. The accused reportedly approved car loans using fake files for over 2,000 ghost customers, exploiting loopholes in the oversight processes of Mahindra & Mahindra Financial Services Limited (MMFSL). MMFSL, which primarily deals with vehicle loans, became aware of the fraud after Ankit Bagree, the Circle Head, disclosed a financial fraud of Rs 150 crore involving the then area business manager at the Mizoram branch.

The fraud involved the creation of a fake bank account to hold the defrauded money, as well as the use of forged documents and stamps to receive payments from car dealers. The mastermind, Mr. Hussain, and his accomplices were involved in transporting fake files and documents from the office to a residence, where they were hidden. Additionally, they paid an aide, Mr. Sunar, for his assistance in the fraudulent operations.

Following the police raid, various items including a laptop, mobile phones, forged stamps, ghost customers’ files, and other identity documents were recovered. The investigation led to the freezing of accounts belonging to car dealers worth Rs 1 crore and the recovery of 15 cars valued at Rs 3 crore. Furthermore, MMFSL was able to recover nearly Rs 3.47 crores directly from the car dealers, and a substantial amount of evidence was seized during the searches.

The accused exploited loopholes in the oversight processes to run their activities from 2020 to 2024, taking advantage of the KYC verification process, tele-verification, and supervisory mechanisms. The case was brought to light by Ankit Bagree after he revealed the financial fraud, leading to the subsequent arrests and recovery of assets.