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A businessman who orchestrated a $180 million check scheme and used the proceeds to live a lavish lifestyle and amass one of the world’s most revered classic car collections has been sentenced to more than eight years in prison.
Najeeb Khan, 70, of Edwardsburg, Michigan, told a federal judge Thursday that he was “blinded by greed” to carry out the scheme and buy more than 250 cars, as well as planes, boats and a helicopter, according to the Cleveland.com. In addition to the 97-month sentence, he must pay $121 million in restitution to Cleveland-based KeyBank, $27 million to customers and $9.8 million in back taxes.
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Authorities said Khan committed the fraud from 2011-2019 while growing his payroll processing business in Elkhart, Indiana. He funneled dozens, sometimes hundreds, of checks and wire transfers with insufficient funds through three banks, artificially inflating the amount in his accounts. He got about $73 million for himself.
![Najeeb Khan Car Collection](https://a57.foxnews.com/static.foxnews.com/foxnews.com/content/uploads/2023/11/1200/675/khan_car_collection.jpg?ve=1&tl=1)
This photo provided by the FBI shows Najeeb Khan’s multi-million dollar collection of classic cars. (FBI via AP)
He used the money to fund a lavish lifestyle that included expensive vacations, mansions in Arizona and Michigan, and real estate in Florida and Montana, as well as airplanes and yachts. His vast car collection included pristine 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 some funds, in part by selling his $40 million car collection at auction.
Prosecutors said that when Khan’s scheme collapsed, about 1,700 of his clients lost money that Khan’s company had withdrawn for payroll taxes. These companies included small and medium-sized businesses, non-profits and charities, including the Boy Scouts of America and four Catholic dioceses.
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Some victims had to pay the IRS or their employees out of pocket or take out lines of credit, prosecutors said. Others laid off employees.