The Mizoram Police have filed two chargesheets against 20 employees of Mahindra & Mahindra Financial Services Limited (MMFSL), who have been implicated in a massive loan fraud and forgery scheme worth an estimated Rs150 crore. The fraud, which impacted the entire Northeastern region, was orchestrated by Jakir Habibur Hussain (41), the area manager for MMFSL, along with several associates and Aizawl-based car dealers.
The investigation revealed that Hussain, in collaboration with dealers such as CK Hyundai Cars, NBE TAA, Rafael Nissan, and AIDU Motors Renault, facilitated fraudulent loans through MMFSL. The scam involved the creation of fake loan files and unauthorized transactions.
As a result of the ongoing investigation, authorities have frozen 177 bank accounts containing approximately ₹5 crore and seized 15 cars of various models, worth Rs10.5 crore. 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.
In addition, the accused set up fake bank accounts, including one under the name Mahindra Finance Limited, impersonating the business head to facilitate the fraud. Some of the accounts were opened without the consent of the private account holders.
The case came to light when Ankit Bagree, MMFSL’s Circle Head, filed a complaint at PS Aizawl on March 20, 2024, accusing Jakir Hussain of orchestrating the fraud. Subsequently, another FIR was lodged on March 29, 2024, by Chanpreet Singh, MMFSL’s Business Head, at the Crime & Economic Offences PS.
The police are actively investigating and have issued a search warrant for additional suspects believed to be involved in the scam. Authorities are also expecting further complaints from victims whose documents were misused to create fraudulent loan files. One such complaint was filed by Dr. Lalnienga, the Deputy Chief Medical Officer of Aizawl West District, who discovered that a loan was processed in his name without his knowledge or consent.
