Recently filed bankruptcy records outline the wealth and possessions of the founder of Elkhart-based Interlogic Outsourcing, Inc., including 281 vehicles valued at $31 million, homes valued at $6.8 million and $59 million in assets spread among various companies he owns.

Najeeb Khan, who has now lost control of IOI, a payroll processing firm with thousands of clients nationwide, has been accused of a multimillion-dollar fraud.

With former clients and others claiming Khan owes them millions of dollars, his bankruptcy means a number of assets will likely be sold. A trustee overseeing the assets in the bankruptcy case stated in a recent report that he’d been in touch with RM Sotheby’s, the auction house, and another unnamed broker to plan a sale of the vehicles.

They range from a modern Ford F350 pickup truck, to a historic 1953 Mercedes 300SL Gull-wing collectible valued at $1.3 million, to several classic motorcycles.

According to court filings, several vehicles were stored in a pole barn across the street from his Edwardsburg home, and in a facility at the Elkhart Municipal Airport.

The documents also list his real estate holdings, which include two homes on Eagle Lake in Edwardsburg, a $2.8 million home in Scottsdale, Ariz., and two condominiums in Florida that are each valued at nearly $1 million.

In addition, Khan’s financial assets are outlined in the bankruptcy documents, including millions in multiple limited liability corporations he owned, such as KRW Investments Inc., GN Investments, Khan Aviation and NAK Holdings.

In all, Khan’s combined assets total around $98 million, but his liabilities exceed $126 million, according to court records.
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