Michigan businessman gets 8 years for using $180M bank fraud scheme to finance massive classic car collection
Fox News
Najeeb Khan, 70, of Edwardsburg, Michigan, has been sentenced to 97 months in prison for orchestrating a $180 million check-kiting scheme.
Authorities have said Khan carried out the fraud from 2011-2019 while growing his payroll processing business in Elkhart, Indiana. He funneled dozens, sometimes hundreds, of checks and wire transfers with insufficient funds through three banks, artificially inflating the amount in his accounts. He siphoned off about $73 million for himself.
He used the money to fund a lavish lifestyle that included expensive vacations, mansions in Arizona and Michigan and properties in Florida and Montana, as well as planes and yachts. His massive car collection included pristine vintage Ferraris, Fiats and Jaguars.
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