Mizoram: 20 MMFSL employees charged in Rs 150 crore fraud case, 177 bank accounts freezed

The Mizoram Police filed two chargesheets against 20 employees of Mahindra & Mahindra Financial Services Limited (MMFSL) for involvement in cases of cheating and forgery amounting to an estimated Rs 150 crores within the company.

The employees are residents of Mizoram and Assam. 

Investigation into the fraud case which affected all Northeastern states revealed that an estimated Rs 150 crores was defrauded by the mastermind of the ploy, accused Jakir Habibur Hussain (41).

Hussain, who is the area manager of MMFSL, orchestrated the fraud with the Mahindra Finance Company, along with his associates and Aizawl-based car dealers like CK Hyundai Cars, NBE TAA, Rafael Nissan and AIDU Motors Renault. 

Meanwhile, 177 bank accounts containing a sum of about Rs 5 crores were freezed and 15 cars of different models worth Rs 10.5 crores were seized. Besides, the police also recovered 2035 ghost customer loan files, 25 forged stamps and seals, 3 laptops, 10 mobile phones, 35 SIM cards, several identity documents and other incriminating materials. 

It was also informed that the accused had opened a fake bank account by impersonating the business head under the name Mahindra Finance Limited, along with 12 other ones without seeking consent of private account holder.

An FIR was registered at PS Aizawl, on March 20, 2024 based on a complaint from MMFSL's Circle Head, Ankit Bagree alleging financial fraud perpetrated by the Area Business Manager, Jakir Hussain. 

Subsequently, on March 29, 2024 another FIR was registered at the Crime & Economic Offences PS by MMFSL's Business Head, Chanpreet Singh. 

Investigation into the matter is underway, as police is on the lookout for more suspects involved in the fraud.

It may be mentioned that another case was registered on the complaint of Aizawl West District's Deputy Chief Medical Officer, Dr Lalnienga after he learnt that a loan under MMFSL was processed in his name without his consent. 

The Mizoram polcie said that they are expecting more such complaints from innocent people whose documents have been used by the accused for preparing fake loan files.