Michigan Man Sentenced After $180M Bank Fraud Scheme

A Michigan man who used an elaborate check-kiting scheme to fund his lavish lifestyle and classic car collection has been sentenced to serve more than eight years in prison.

Michigan Man Blinded by Greed

Najeeb Khan of Edwardsburg, Michigan told a federal judge he was "blinded by greed." The 70-year-old was sentenced on Thursday (11/2), for the scheme that led him to fund his collection of more than 250 cars, as well as boats, airplanes, and even a helicopter. Edwardsburg is just north of the Michigan/Indiana line, about 15 miles northeast of South Bend.

Khan's massive car collection included vintage Ferraris, Fiats, and Jaguars.

According to Cleveland.com, Khan carried out the fraud between 2011 and 2019 while he owned a payroll processing business known as Interlogic Outsourcing, Inc. in Elkhart, Indiana. He funneled hundreds of checks and wire transfers with insufficient funds through three banks which fraudulently inflated the balances in his accounts. He then siphoned off about $73 million for his personal use.

As Khan's scheme unraveled, about 1,700 clients lost out on money that had been collected for payroll taxes. Those businesses included nonprofits and charities like the Boy Scouts of America and four Catholic dioceses.

Michigan Man Will Pay Some Money Back

In addition to Khan's prison sentence, he's been ordered to pay $121 million in restitution to KeyBank and $27 million to clients that were defrauded. He also has been ordered to pay $9.8 million to the IRS for back taxes not paid during the five-year period he executed the scheme.

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