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Authorities said Khan committed the fraud from 2011 to 2019 while expanding his payroll processing business in Elkhart, Indiana. He sent dozens, hundreds, of checks and wire transfers on an inadequate budget to 3 banks, artificially inflating the amount in his accounts. about $73 million for him.
This photograph provided through the FBI shows Najeeb Khan’s multimillion-dollar collection of vintage cars. (FBI AP)
He used the cash to fund a lavish lifestyle that included beautiful vacations, mansions in Arizona and Michigan and homes in Florida and Montana, as well as airplanes and yachts. His huge collection of automobiles included immaculate vintage Ferraris, Fiats, and Jaguars.
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Khan had pleaded guilty to bank fraud and attempted tax evasion. His lawyers said he helped his victims recover funds, in part by promoting his car collection, which fetched about $40 million at auction.
Prosecutors said that when Khan’s scheme collapsed, about 1,700 of his clients lost funds that Khan’s company had withdrawn to pay payroll taxes. These businesses included small and medium-sized businesses, nonprofits, and charities, in addition to the Boy Scouts of America and 4 Catholic dioceses.
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Some affected had to pay out of pocket to the IRS or their workers or apply for lines of credit, prosecutors said. Others laid off workers.