Man Who Stole Millions Blew Millions On Massive Car Collection, Now He’s Going to Jail

A U.S. justice has handed 70-year-old Najeeb Khan a 97-month a 97-month jailhouse condemnation for playing accelerated and escaped with slope fraud and taxation evasion. His escapades progressive swindling a whopping $150 cardinal and amassing a colossal car postulation of implicit 240 vehicles. The collection, which made rather a disturbance erstwhile it deed the auction artifact arsenic portion of RM Sotheby’s Elkhart Collection past year, is present portion of his colorful history.

Khan had been operating a ample payroll processing institution Interlogic Outsourcing erstwhile his strategy began. He would constitute checks and marque ligament transfers betwixt aggregate accounts nether his power astatine a fig of banks successful what is known arsenic a check-kiting scheme. This would fraudulently inflate relationship balances and deceive banks into honoring checks written with insufficient funds.

Read: 240+ Car Collection Owned By Accused Fraudster CEO Is Simply Stunning

Court documents uncover that the 70-year-old would constitute checks from IOI accounts with Lake City Bank for deposit into IOI accounts astatine KeyBank. He past wrote checks from IOI accounts astatine Berkshire Bank for deposit into IOI accounts astatine Lake City Bank. The checks issued from Berkshire Bank were past covered aft Khan wired IOI accounts astatine Keybank to IOI accounts astatine Berkshire Bank. While that whitethorn look a small confusing, what it meant is that Khan “essentially gave himself a $150,000,000” indebtedness and went connected a spending spree.

With his newfound riches, Khan began to physique up a massive, multi-million dollar car postulation successful the U.S. The postulation included a dizzying array of classics and modern cars, including a 1952 Ferrari 225 S Berlinetta, a 1955 Cooper-Jaguar T38 Mk II, a 1953 Fiat 8V Supersonic by China, and 3 Jaguar continuation cars consisting of a 1957 XKSS, a 1963 E-Type Lightweight, and a 1955 D-Type. The postulation was sold by RM Sotheby’s successful October 2020 and grossed implicit $44 cardinal successful sales.

U.S. District Judge Pamela Barker ordered Khan to wage $121 cardinal successful restitution to KeyBank and $27 cardinal to the clients helium stole wealth from. He has besides been ordered to wage $9.8 cardinal to the IRS for taxes helium didn’t wage for 5 years.

“This suspect fundamentally gave himself a $150,000,000 loan, spent wealth nevertheless helium wanted connected himself and his business, past defaulted, each without ever getting the banks’ support to springiness him that loan,” U.S. Attorney Rebecca C. Lutzko said. “These types of fiscal crimes undermine the well-being of our fiscal institutions and harm our full community.  This bureau volition vigilantly analyse and prosecute persons who prosecute successful specified behaviour to support and forestall harm to fiscal institutions locally and nationwide.”

Khan gets to support his status fund, a brace of trusty laptops, a Glock sidekick, immoderate dapper attire, and his faithful 2005 GMC Yukon, each included successful the statement helium hammered out.