Malayalis including nurses swindle Rs 700 crore from Kuwait bank, probe launched in Kerala

Kochi: An investigation has been launched in Kerala against Malayalis accused of absconding after taking loans worth crores from Gulf Bank in Kuwait using salary certificates as guarantees. It is suspected that over 1,400 Malayalis swindled around Rs 700 crore.

The Deputy General Manager of Gulf Bank visited Kerala and lodged a complaint with the ADGP in charge of law and order. Based on the complaint, 10 cases have been registered across Ernakulam and Kottayam districts, with eight of them under the Ernakulam Rural Police jurisdiction.

The investigation may be handed over to the Inspector General of Police, South Zone. However, IG S Syamsundar told Manorama Online that an official directive is yet to be received. The fraud involved loans taken from Gulf Bank Kuwait Shareholding Company Public. Preliminary information suggests that most of the accused are nurses. The bank has shared details of the defaulters with the police, leading to the registration of the cases.

The fraud was discovered three months ago. The modus operandi involved initially taking small loans, repaying them promptly to gain the bank's trust, and then taking large loans before fleeing to their home country or other foreign nations. The bank has the local addresses of the borrowers and has handed them over to the police. A large-scale investigation is being prepared, as the authorities suspect a well-organised conspiracy behind the fraud.