Mizoram Police Busts ₹150 Crore Auto-Finance Scam Involving Fake Mahindra Account
The Mizoram Police has uncovered a massive auto-finance scam amounting to ₹150 crore, involving over 2,000 ghost customers and a fake ‘Mahindra’ account. The scam, which ran for nearly four years, has led to the arrest of 11 individuals, including the alleged mastermind behind the scheme.
The Mizoram Police has uncovered a massive auto-finance scam amounting to ₹150 crore, involving over 2,000 ghost customers and a fake ‘Mahindra’ account. The scam, which ran for nearly four years, has led to the arrest of 11 individuals, including the alleged mastermind behind the scheme.
The mastermind, a former employee at Mahindra & Mahindra Financial Services Limited (MMFSL), devised a scheme to create fake files for more than 2,000 non-existent customers to secure car loans. The fraud was made possible through collusion between dealers and certain employees within MMFSL, a company primarily engaged in vehicle loan disbursement.
The elaborate modus operandi involved the creation of a fake bank account under the name “Mahindra Finance Limited,” closely resembling the original brand name. This account was used to hold the defrauded funds for over three years. The accused also used forged documents, including fake stamps, seals, and identity documents, to execute the fraud seamlessly.
The Mizoram Police, following an investigation prompted by a complaint filed on March 20 by Ankit Bagree, the Circle Head of MMFSL, conducted raids and seized incriminating evidence, including laptops, mobile phones, forged seals, and documents.
Several individuals involved in the scam, including the alleged mastermind, were arrested after raids conducted by the Crime Investigation Department (CID). Recoveries made by the police include freezing 26 ghost bank accounts totaling nearly ₹2.5 crores, freezing car dealers’ accounts worth ₹1 crore, and recovering 15 cars valued at ₹3 crore.
Additionally, the police have returned approximately ₹3.47 crores directly to MMFSL from car dealers. The seized evidence, including laptops, mobile phones, ghost customers’ files, forged seals, SIM cards, personal diaries, and identity documents, further corroborate the intricate nature of the scam.
Sources By Agencies
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