City Reports

ED raids in Rajasthan in Rs 150 crore loan fraud case; American citizens among victims

The loan scam not only targeted people within Rajasthan but also affected numerous victims overseas.

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June 29, 2023, 11:52 pm

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Enforcement Directorate. Representative image.

JAIPUR: In a major operation conducted by the Enforcement Directorate (ED), the premises belonging to a prominent POP businessman were raided on Tuesday.

This action was taken based on evidence discovered during an investigation into a report filed in 2021. Following a complaint of a Rs 150 crore scam, the ED had filed a case against one Mehmood Khan from Nagaur, who is suspected of defrauding people through a bogus loan scheme.

At 7:30 am, the residence of the suspects in Nagaur was raided and searched by the ED team for nearly six hours. It is alleged that Mehmood, the mastermind behind the fraudulent operation, had formed a group of accomplices and established fake call centers at various locations.

During the course of the investigation, ED officials unearthed evidence, revealing that the scam not only targeted people within Rajasthan but also affected numerous victims overseas. Recently, Mehmood Khan was summoned to the ED headquarters for questioning; however, he informed the authorities through a letter that he was abroad on business.

Intelligence received by the ED indicated that Mehmood Khan and his brother were hiding in Rajasthan. Acting on this information, the ED launched raids at Mahmood Khan’s residence in Nagaur, as well as at the POP factory in Barmer and Jaisalmer.

The investigation revealed that Mehmood Khan conducted transactions amounting to crores of rupees. A significant sum of money was traced to foreign sources. Further scrutiny exposed Mehmood Khan’s deceptive practices, where he exploited individuals by promising low-interest rate loans.

To facilitate this fraudulent scheme, several offices were established across multiple locations. Mehmood Khan’s brothers were involved in this operation. They operated out of Nagaur, Jaipur, Barmer, and Jaisalmer. Some US citizens were also among the victims.

The ED’s investigation has uncovered evidence of money laundering, disproportionate assets, and fraud committed by Mehmood Khan.

One of Mehmood’s brothers, Shamsher Khan Munna, is currently on a Haj pilgrimage, while another brother named Rafiq is implicated in the fraudulent operation.

Additionally, the ED discovered the involvement of a young man named Ramzan from Nagaur, who was employed by the Khan brothers and received a salary. They also opened accounts in Ramzan’s name to receive illicit funds. The Special Operations Group (SOG) had previously probed this matter.

First published: June 27, 2023