Assam Man Shoriful Islam Busted in ₹65 Lakh Loan Fraud Involving Identity Theft, Forgery, and Fake PAN Cards
Morigaon, Assam – June 5, 2025: In a staggering case of financial fraud, Shoriful Islam, a resident of Morigaon, Assam, has been accused of masterminding an elaborate scheme involving identity theft, forgery, and fraudulent bank loans. The criminal conspiracy, which spans across several financial institutions, has raised serious concerns about KYC vulnerabilities and systemic lapses in India’s financial ecosystem.
20+ PAN Cards, Fake Names, and Fabricated Identities
According to investigators, Shoriful Islam operated under various aliases, including Ashish Gupta and Vishal Gupta, and used more than 20 forged PAN cards to open and operate multiple bank accounts. These accounts were used to channel and conceal funds obtained through fraudulent loans and credit card misuse.
The forensic investigation has gathered substantial evidence, including falsified Know Your Customer (KYC) documents, highlighting how Islam manipulated the financial system with fake identities and mobile connections.
₹65 Lakh Fraud from Aditya Birla Finance & Credit Card Misuse
Among the most significant fraudulent transactions uncovered:
- ₹65.25 lakh was deceitfully secured from Aditya Birla Finance Ltd. through bogus loan applications.
- An Axis Bank credit card was used to unlawfully obtain ₹1.35 lakh using forged credentials.
These cases have been formally documented under Laharighat PS Case No-26/2024 and Moirabari PS Case No-178/24, invoking multiple sections of the Indian Penal Code (IPC) and the Information Technology Act.
Wife Parbin Sultana Also Under Scrutiny
Investigators have also linked Parbin Sultana, the accused’s wife, to the fraudulent operations. An HDFC Bank account in her name reportedly processed ₹42.28 lakh in credits and ₹39.51 lakh in debits, eventually resulting in a negative balance.
Authorities believe these transactions are directly connected to the fraudulent funds siphoned by Shoriful Islam, with her bank account serving as a funnel for the illicit proceeds. Her potential role in the conspiracy is now under official scrutiny.
Multiple Banks and Mobile Numbers Involved
The elaborate scam involved a web of financial institutions and mobile numbers:
- Accounts were opened with IDFC First Bank, Equitas Small Finance Bank, and Jio Payments Bank, facilitating large-scale fund movements.
- Mobile numbers linked to these fraudulent transactions were registered via Customer Acquisition Forms (CAFs) and are being treated as crucial evidence in tracing the scam’s operations.
Several bank accounts identified in the probe have now been frozen by authorities to prevent further illicit activity.
How the Scam Worked: A Breakdown
- Fake PANs and forged IDs used to open bank accounts.
- Multiple credit card applications filed under false names.
- Loans acquired fraudulently from NBFCs like Aditya Birla Finance and L&T Finance.
- Funds transferred across various accounts to evade detection.
- Mobile SIMs used to create fake digital identities and complete KYC processes.
Legal Proceedings and Call for Reform
Law enforcement has urged swift legal action under IPC and IT Act provisions, particularly sections related to cheating, criminal conspiracy, forgery, and cyber fraud.
This case has also exposed glaring loopholes in India’s financial verification systems, particularly the ease of procuring PAN cards and bypassing KYC norms using forged documents. Authorities are now advocating for tighter regulatory oversight and digital safeguards to prevent similar frauds.