Aizawl, Apr 26(UNI) A special investigation team (SIT) of Mizoram Police busted a major financial fraud in Mahindra & Mahindra Financial Services Ltd. (MMFSL) in Aizawl and arrested 11 people including the mastermind of the fraud Jakir Hussain (Area Manager, MMFSL)in this connection, state DGP Anil Shukla said on Friday.