Man Uses 20 PANs, Dozens of Bank Accounts to Defraud Financial Institutions
• Multiple Banks, One Mastermind: The Shoriful Islam Scam
• Wife’s Bank Account Used as Money Laundering Channel
Unmesh Gujarathi
Sprouts News Exclusive
Contact: +91 9322755098
Sprouts News Exclusive
Contact: +91 9322755098
Shoriful Islam from Assam orchestrated a massive financial fraud using 20 fake identities, PAN cards, and dozens of bank accounts to scam over ₹65 lakh from top NBFCs and banks. His wife’s account was also used to launder funds. Sprouts News investigation reveals systemic loopholes exploited in India’s lending system.
In a shocking case of large-scale financial fraud, Shoriful Islam from Morigaon, Assam, has been exposed for allegedly running a sophisticated scam involving 20 fake identities, multiple forged documents, and over a dozen bank accounts. The fraud targeted major financial institutions across India and exploited systemic loopholes in KYC and lending protocols.
Contents
- Man Uses 20 PANs, Dozens of Bank Accounts to Defraud Financial Institutions
- • Multiple Banks, One Mastermind: The Shoriful Islam Scam
- • Wife’s Bank Account Used as Money Laundering Channel
- Sprouts News Investigates Identity Theft Network
- Loans, Credit Cards, and Stolen Funds: Multi-Crore Fraud Trail
- Family Ties to Financial Crime: Wife’s Account Under Scrutiny
- Multiple Banks Used to Channel Fraud Money
- Mobile Number Links, CAF Fraud Point to Broader Syndicate
- Also Read: ICICI Bank Scam: ₹4.58 Cr FD Fraud Shocks Customers.
Sprouts News Investigates Identity Theft Network
According to findings accessed by Sprouts News, Shoriful Islam used aliases such as Ashish Gupta and Vishal Gupta to obtain over 20 PAN cards, which he then used to open several bank accounts in both private and small finance banks. These accounts facilitated the flow of funds acquired through fraudulent loans and credit misuse.
Key documents reviewed by investigators show a trail of forged Know Your Customer (KYC) forms, falsified Aadhaar cards, and fabricated job details. These were submitted to financial entities to obtain loans and credit cards under fake names—many of which were successfully sanctioned.
Loans, Credit Cards, and Stolen Funds: Multi-Crore Fraud Trail
The financial damage is substantial. Islam is accused of fraudulently acquiring ₹65.25 lakh from Aditya Birla Finance Ltd. and ₹1.35 lakh via an Axis Bank credit card. These transactions are linked to Laharighat PS Case No. 26/2024 and Moirabari PS Case No. 178/24, registered under multiple sections of the Indian Penal Code and Information Technology Act.
A Sprouts News review of financial records indicates that these loans were processed using forged documents, and funds were quickly transferred through various interconnected accounts to mask the origin of the money.
Family Ties to Financial Crime: Wife’s Account Under Scrutiny
Islam’s wife, Parbin Sultana, has also been implicated in the case. Her HDFC Bank account showed suspicious financial activity—credits totaling ₹42,28,761 and debits of ₹39,51,537 within a short span—indicating active involvement or at minimum, complicity.
Investigators confirm that her account functioned as one of the conduits for laundering fraudulent proceeds, a claim backed by transaction trails and account analysis conducted by cybercrime units and financial intelligence teams.
Multiple Banks Used to Channel Fraud Money
The fraudulent network spanned several banking institutions, including IDFC First Bank, Equitas Small Finance Bank, and Jio Payments Bank. Specific accounts tied to the scam have since been frozen to prevent further misuse.
According to Sprouts News sources, Islam’s network of accounts allowed him to transfer large sums across banks within hours of receiving funds, minimizing the risk of early detection. This level of mobility in fund transfers reflects serious lapses in inter-bank fraud detection protocols.
Mobile Number Links, CAF Fraud Point to Broader Syndicate
Further evidence points to the use of multiple Customer Acquisition Forms (CAFs) for obtaining mobile connections under false identities. These SIMs were used for OTP verifications and communication with financial institutions, adding a critical digital layer to the scam’s execution.
Experts tell Sprouts News that the use of unverified mobile numbers has become a key tool in modern financial frauds, making it harder for banks to track or cross-verify suspicious activities in real-time.
Also Read: ICICI Bank Scam: ₹4.58 Cr FD Fraud Shocks Customers.
Systemic Failures in Lending: Calls for Urgent Reform
The scam raises urgent concerns over India’s digital banking infrastructure and the failure of automated KYC checks. The ease with which Islam manipulated documents and secured loans underscores a pressing need for stronger authentication mechanisms.
Authorities are now pressing for strict legal action. The case calls for prosecution under IPC Sections related to forgery, cheating, criminal conspiracy, and relevant provisions of the Information Technology Act. Cybercrime officials also suggest that further arrests may follow, as the digital trail expands.
Sprouts News Summary: Anatomy of a Multi-Identity Loan Scam
•Shoriful Islam used 20+ PAN cards and aliases to secure fake loans
•Over ₹65 lakh scammed from leading NBFCs and private banks
•Wife’s HDFC account showed large unexplained transactions
•Forged KYCs, mobile CAFs, and dummy job records used
•Police cases registered; financial institutions urged to tighten KYC protocols.
