An Indiana businessman who defrauded customers to build one of the world’s most spectacular classic car collections has been left with a lone 2005 GMC Yukon – as he starts an eight-year jail term.

Najeeb Khan admitted he was ‘blinded by greed’ after conducting a $180million check-kiting scheme from his payroll processing center in Elkhart, Indiana, to amass his Bentleys, Bugattis and Ferraris.

He also paid for a light aircraft, a yacht, a helicopter, mansions in Arizona and Michigan, and homes in Florida and Montana by ripping off more than 1,700 clients for nearly a decade through his company Interlogic Outsourcing Inc.

But his wife Nancy will be allowed to keep the couple’s homes and bank accounts worth up to $3 million that were transferred to her before his 2020 bankruptcy under a deal struck with creditors.

‘I’m humbled with deep regret and remorse to all the victims whose lives were negatively impacted by my actions and greed,’ Khan said as he was jailed last week after admitting bank fraud and attempted tax evasion.

Najeeb Khan admitted he was ‘blinded by greed’ after conducting a $180 million check-kiting scheme. He was sentenced to eight years in prison

The scam led Khan and his wife to live a life in luxury, including and extensive car collection. Pictured: His cars before they were auctioned off 

His wife Nancy will be allowed to keep the couple’s homes and bank accounts worth up to $3 million that were transferred to her before his 2020 bankruptcy under a deal struck with creditors. Pictured: The couple’s $1.1 million Michigan home

The 70-year-old migrated from Pakistan in 1974 and paid his way through college by working in a furniture factory and as a suit salesman at J.C. Penney before joining an Indiana bank.

He rose to vice president before starting his payroll processing company in 1988.

But from 2011 to 2019, while growing his payroll processing business in Indiana, he began embezzling money by writing checks back and forth between accounts he controlled to fraudulently inflate account balances.

Khan then siphoned off about $73million for himself.  

Keybank in Cleveland, Ohio, lost $122 million and other victims included small businesses, nonprofits, four Catholic dioceses and charities including the Boy Scouts of America.

When the scam collapse, about 1,700 clients lost out on money Khan’s company had withdrawn for payroll taxes, according to prosecutors. Some victims had to pay the IRS, pay their employees out of their own pockets or take out of lines credit to cover the taxes. 

Some even had to lay off employees, prosecutors said. 

Khan’s car collection was auctioned off to help pay back the fraud, netting roughly $40million. Pictured: A ‘Shaw Special’ American race car

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A 1953 Fiat 8V Supersonic by Ghia and a 1935 Auburn 851 Supercharged Speedster were two cars part of Khan’s collection

‘I thought because I was in a position of power, that I was all-powerful,’ Khan said in video testimony ahead of his sentencing on Thursday.

The fraud came to light in 2019 when Keybank finally discovered the $122 million hole in its accounts and was forced to deploy more that 100 staff to trace the missing cash.

Keybank’s Senior vice-president Peter Szafran, said the theft was ‘breathtaking’ and that several bank staff were fired for allowing Khan to get away with it.

‘It was a crime of pure avarice,’ Szafran told the South Bend Tribune.

‘It was not a crime of need but of excessive greed on an epic scale.’

But from 2011 to 2019, while growing his payroll processing business in Indiana, he began embezzling money by writing checks back and forth between accounts he controlled to fraudulently inflate account balances

Khan’s luxury lifestyle included private planes, including a Cessna 560XL (pictured in a file photo)

U.S. District Judge Pamela Barker ordered him to pay back $121 million to KeyBank, $27 million to clients and $9.8 million in back taxes as she jailed him for 97 months.

She predicted the money owed to the IRS will likely never be paid back as she slammed his ‘greed and self-entitlement’.

She said he had collected classic cars like ‘toys’ but she gave Khan credit for his lack of a criminal history and the $65 million he has so far paid back to victims, helped by the $40 million raised from the sale of his 240 cars.

Under his 2020 bankruptcy settlement his wife will retain the couple’s $1.1 million Michigan home and $650,000 guest house, several vehicles, a retirement fund and a number of bank accounts.

Khan will keep his own retirement account, two laptops, clothes, a Glock handgun and his 2005 GMC Yukon, as part of the deal. 

”This defendant essentially gave himself a $150,000,000 loan, spent money however he wanted on himself and his business, then defaulted, all without ever getting the banks’ approval to give him that loan,’ U.S. Attorney Rebecca C. Lutzko said in announcing the sentence. 

‘These types of financial crimes undermine the well-being of our financial institutions and harm our entire community. This office will vigilantly investigate and prosecute persons who engage in such conduct to protect and prevent harm to financial institutions locally and nationwide.’