How one Assam man duped India’s financial system using 20 identities, 20 PANs, and dozens of bank accounts

In one of the most audacious financial frauds uncovered in recent times, Shoriful Islam, a resident of Morigaon, Assam, has been accused of orchestrating a sophisticated financial fraud scheme involving identity theft, forgery, and the illicit procurement of loans from various financial institutions.

The investigation has revealed the use of numerous aliases and fake documents to facilitate multiple fraudulent transactions, prompting recommendations for immediate legal action under the Indian Penal Code (IPC) and the Information Technology Act.

The accused, operating under fictitious names such as Ashish Gupta and Vishal Gupta, allegedly used over 20 PAN cards to open and manage several bank accounts. These accounts were employed to channel funds acquired through fraudulent means. The investigation has meticulously compiled evidence, including falsified Know Your Customer (KYC) documents, to support the charges.

Among the notable discrepancies, Shoriful Islam allegedly conned Aditya Birla Finance Ltd. of ₹65,25,000 and fraudulently obtained ₹1,35,000 using an Axis Bank credit card. These significant financial irregularities have been linked to multiple case references, including Laharighat PS Case No-26/2024 and Moirabari PS Case No-178/24, under various sections of the IPC and IT Act.

Shoriful Islam's wife, Parbin Sultana, has also been implicated in the financial misconduct. Her HDFC Bank account reportedly received credits totalling ₹42,28,761.40, with debits amounting to ₹39,51,537.76, leading to a negative balance. Investigators have established that these transactions stem from the fraudulent activities of her husband, using forged documents.

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The fraudulent activities were facilitated through a complex network of bank accounts, including those at IDFC First Bank, Equitas Small Finance Bank, and Jio Payments Bank, among others. These accounts were used to handle substantial credit and debit transactions, with specific accounts being frozen to prevent further illicit activities.

The investigation has also traced several mobile numbers linked to the fraudulent transactions. These numbers, collected through Customer Acquisition Forms (CAFs), are believed to be integral to the communications network that supported the financial crimes.

The use of fraudulent identities was pivotal in securing loans from institutions like L&T Finance and Aditya Birla Financial Company Ltd. The accused's ability to forge and utilise false documentation has raised concerns about the vulnerabilities within the financial system that were exploited in this scheme.

The comprehensive investigation underscores the necessity for stringent legal measures to prevent further financial misconduct. Legal authorities are urged to act promptly under the relevant provisions of the IPC and IT Act to ensure accountability and protect the integrity of the financial system.