Hyderabad, May 16, 2025 – In a significant development, the Hyderabad Police on Tuesday arrested Syed Imran Ahmed, the owner of JMS Auto Wheels, for allegedly masterminding a ₹100 crore luxury car fraud. The accused is believed to have forged documents and availed multiple auto loans from various banks using fraudulent identities.
According to the Economic Offences Wing (EOW), Ahmed and his associates manipulated vehicle registration papers, created fake invoices, and used non-existent customers to obtain bank loans for high-end cars, including BMWs, Audis, and Mercedes-Benz models. In many cases, vehicles were either never delivered to customers or sold multiple times using falsified records.
“This is one of the most elaborate automotive loan scams uncovered in recent times,” said Police Commissioner K. Sreenivasa Reddy. “The accused exploited documentation gaps and financial institution loopholes to defraud lenders.”
Raids conducted at Ahmed’s offices and residences in Jubilee Hills and Banjara Hills led to the seizure of several luxury cars, fake registration documents, and incriminating financial records. Authorities also detained two of Ahmed’s employees for further questioning and are probing the involvement of bank officials in the scam.
Preliminary investigations indicate that over ₹100 crore was defrauded from at least six major financial institutions. Legal proceedings have commenced under IPC Sections 420 (cheating), 468 (forgery), 471 (use of forged documents), and relevant sections of the Prevention of Money Laundering Act (PMLA). Multiple assets, including high-value vehicles and properties, have been attached as part of recovery efforts.
The case has triggered a wave of concern in the banking and automobile sectors. Several financial institutions have initiated internal audits, while industry experts call for stricter Know Your Customer (KYC) procedures and digital loan verification mechanisms.
“This scam exposes critical flaws in current lending practices and highlights the need for robust interbank fraud detection systems,” said Vikram Desai, risk analyst at Deloitte India.
The investigation remains ongoing, with more arrests expected in the coming days. Police have urged citizens and financial institutions to report any suspicious activities related to high-value vehicle sales or loans.
Ahmed has been remanded to judicial custody as the probe deepens into what authorities describe as a highly coordinated financial crime ring.
