Mizoram Hit by Rs 150 Crore Scam Involving 2,000 Ghost Customers and Fake Mahindra Account

The Mizoram Police has busted a gang behind a scam that has been ongoing for nearly four years, resulting in the arrest of 11 individuals, including the alleged mastermind. The accused have been charged with creating fake files for over 2,000 ghost customers to secure car loans, exploiting loopholes within the oversight process of Mahindra & Mahindra Financial Services Limited (MMFSL), including KYC verification, tele-verification, and supervisory mechanisms.

The scam took place from 2020 to 2024. MMFSL primarily involves disbursing vehicle loans.

Ankit Bagree, the Circle Head of MMFSL, uncovered the alleged financial fraud amounting to Rs 150 crore by the then area business manager at the Mizoram branch on March 20. Another case was filed on March 29, revealing that a bank account was used to hold the defrauded money for more than three years.

The accused’s accomplice impersonated the country business head and submitted forged documents. The mastermind was apprehended on March 29 after a raid conducted by the Crime Investigation Department (CID) at his residence, resulting in the seizure of a laptop and multiple mobile phones.

The accused created fake stamps, seals, and documents, and had a fake account to receive payments from car dealers. The gang member transported the fake files from the office to his accomplice’s home and paid him Rs 15,000 per month for his assistance in the fraudulent operations.

A subsequent search at his accomplice’s home led to the recovery of seven sacks containing files from 2022 to 2024 and forged stamps, resulting in the arrest of the accomplice on April 3. The accounts of car dealers worth Rs 1 crore have been frozen, and 15 cars worth Rs 3 crore have been recovered.

Car dealers have returned nearly Rs 3.47 crores directly to MMFSL. In addition, three laptops, 10 mobile phones, 549 ghost customers’ files, 25 forged seals, numerous SIM cards, two personal diaries, and various identity documents have been recovered during the investigation.