Businessman who stole millions to build incredible collection of 240 classic cars lost everything except for humble SUV
A BUSINESSMAN who stole millions to build an incredible collection of 240 classic cars ended up losing everything but a single humble SUV.
Najeeb Khan admitted he was “blinded by greed” as he was sent down for the unbelievable scam that built him a fortune.
Khan, from Elkhart, Indiana, amassed a whopping £146 million through fraudulent operations at his company’s payroll centre.
He did this through systematic cheque-kiting, which involves writing multiple cheques for values greater than the balance of the accounts they draw on to effectively create a line of credit.
Using this method, he defrauded over 1,700 clients of Interlogic Outsourcing, which has since been sold.
Mr Khan used his ill-gotten gains to finance a lavish lifestyle, including a vast car collection including models from luxury brands like Bentley, Bugatti and Ferrari.
He also bought mansions in Michigan and Arizona and large properties in Florida and Montana, as well as a helicopter and light aircraft.
His stunning stable of motors was auctioned off last month, fetching a collective £35.8 million.
Insider compiled a list of the 15 priciest lots from the bumper sale, run by RM Sotheby’s.
15. 2006 Ford GT Heritage
This model was a limited-run special edition of one of Ford’s most popular cars ever.
It actually sold for a little more than the guide price, ultimately going for just over £416,000.
That price spike may have something to do with the fact that this exact car was previously owned by ice hockey icon Wayne Gretzky.
14. 1972 Ferrari 365 GTB/4 Daytona Spider Conversion
Ferrari appears to have been one of Mr Khan’s favourite brands, with examples from the Italian giant littered throughout his collection.
He had this one turned into a convertible, but it still went for the same as the hard-top Ford.
13. 1954 Fiat 8V Coupe by Vignale
This stunning coupe was a joint venture between Fiat and the luxury coachbuilder Vignale.
It was made in the heyday of the latter company, which would go on to be acquired by Ford in 1973.
To this day, Vignale is the luxury division of Ford in Europe and a symbol of excellence.
This particular example is one of only a handful to retain its original V8 engine.
12. 1935 Auburn Eight Supercharged Speedster
Considering that Auburn Automobile closed down in 1937 after only be established in 1900, this is quite a rare find.
As a result it fetched a hefty £654,000 at the auction.
And it’s no slouch around the track either, with a top speed of over 100mph, which was a fair clip for the ’30s.
11. 1964 Aston Martin DB5 “Vantage Specification”
This gorgeous Aston Martin would leave 007 himself salivating at the prospect of getting behind the wheel.
A £358,000 restoration and upgrade process contributed to the overall £694,000 price tag.
10. Fiat 8V Coupe by Vignale
Mr Khan’s second Vignale coupe managed to go for even more than his first.
His having two is all the more impressive considering only 114 were made.
Well, it would be if he hadn’t bought them with criminal cash.
9. 1967 Toyota 2000GT
One of only 62 of its kind made for the US-market, this Toyota went up for sale with just 15 miles on the clock.
That contributed to its price tag of £744,000.
8. 1969 Lamborghini Miura P400 S
Ferrari isn’t the only Italian stallion that Mr Khan keeps in his stable.
This classic, mustard-yellow Lambo, often regarded as the world’s first supercar, fetched £945,000.
7. 1955 Jaguar D-Type Continuation
Another uber-rare motor, this racing Jag is one of just 25 ever made world-wide.
A legend amongst collectors, it is renowned for its unique look, with no roof and only one seat featuring a headrest.
Its lucky buyer shelled out just over £1 million for the privilege of owning it.
6. Mercedes-Benz 300 SL Gullwing
Featuring flashy gullwing doors, the 300SL is known as one of the most desirable roadsters of all time.
This was reflected in its sale price of £1.2 million.
5. 1963 Jaguar E-Type Lightweight Continuation
While the name suggests it was manufactured in 1963, this is actually a bit of a misnomer.
This Jag is, in fact, even rarer, being one of just six made in 2014/15 as exact copies of the original 1960s E-Types.
It is yet another of Mr Khan’s collection to sell for over £1 million
4. 1955 Cooper-Jaguar T38 Mk II
And the Jags keep getting rarer.
This collaboration with iconic British racing manufacturer the Cooper Car Company achieved major wins at Goodwood and Silverstone in 1956 and 1957.
It is one of just three ever made.
The Cooper name may be familiar, founded by father-and-son team Charles and John Cooper, the latter of whom gave his name to a beloved range from Mini.
3. 1957 Jaguar XKSS Continuation
Three Jaguars in a row make the top price list, with this the crown jewel of the lot.
Another continuation model, this is one of nine made in 2016 to the exact spec as the original ’50s versions.
It sold for a whopping £1.6 million
2. 1953 Fiat 8V Supersonic
Even rarer than the other two 8V Fiats in Mr Khan’s collection, this one wasn’t a Vignale and went for even more than the others.
It raked in £1.6 million at sale.
1. 1952 Ferrari 225 S Berlinetta
Head and shoulders above the rest, this is the only car in the group to sell for over £2 million.
It is one of only six closed-top examples made.
This exact spec placed in a number of races in 1952, including the 12 Hours of Casablanca, Mille Miglia and Monaco GP.
Ultimately, it was sold off for £2.2 million.
I thought because I was in a position of power, that I was all-powerful.”
Najeeb Khan
Mr Khan was ultimately tried for his fraud, with a judge ordering him to pay back a total of £128.7 million to ripped-off businesses and tax authorities.
He was also handed a 97-month prison sentence.
However, he was allowed to keep his retirement account, two laptops, clothing, a handgun and a 2005 GMC Yukon SUV under a 2020 bankruptcy agreement.
Similar cars are currently listed on second-hand sites for about £29,000.
Under the same agreement, his wife was allowed to keep hold of a number of vehicles, her retirement fund and the couple’s £897,000 Michigan home.
Speaking at his sentencing, Mr Khan said: “I thought because I was in a position of power, that I was all-powerful.
“I’m humbled with deep regret and remorse to all the victims whose lives were negatively impacted by my actions and greed.”