The Enforcement Directorate (ED) has lodged a prosecution complaint in Aizawl under the Prevention of Money Laundering Act against Jakir Hussain and 13 others for an alleged fraudulent vehicle loan scam. The ED’s Aizawl Sub Zonal Office filed the complaint against Hussain and others in connection with a case involving Mahindra & Mahindra Financial Services Limited. The investigation stemmed from two FIRs filed by the Mizoram Police, leading to charges against the accused.
The ED’s probe revealed that Jakir Hussain, while serving as an Area Business Manager at MMFSL in Aizawl, orchestrated a large-scale fraud scheme. Working in collusion with car dealers and others, he fabricated customer profiles using fake documents to secure vehicle loans for non-existent customers. The total loan disbursed by MMFSL to four car dealers amounted to around Rs 146.67 crore, with a significant portion diverted to fraudulent bank accounts.
To conceal the illicit funds, Jakir Hussain and accomplices created deceptive bank accounts and engaged in fund transfers to obscure the origins of the money. The investigation uncovered an intricate network of financial transactions involving multiple accounts and individuals to launder the proceeds of the crime. The accused utilized the siphoned funds to acquire properties, invest in insurance policies, and purchase high-value vehicles through benami arrangements.
