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Fake gold jewellery was pawned at the bank’s head office as well as at the Palappilly, Adichili, Muringoor and Poolani branches.
Earlier, on October 3, the group had launched an indefinite protest in front of the bank, which drew widespread attention after 95-year-old Sreedharan Nair, father of Rajendran Nair, joined the agitation.
The police have so far received over 400 complaints against the couple.
The Malayali couple allegedly lured investors with high interest rates before disappearing with the funds.
Bengaluru chit fund scam involving Tomy A Varghese and Shini Tomy has defrauded investors, mainly from the Malayali community, of over ₹100 crore. The couple, now missing, built trust through community involvement and promised high returns on investments.
Some of the defaulters Onmanorama spoke to said that they defaulted on payment because they couldn't return to Kuwait or had sought relief from the bank earlier.
The Deputy General Manager of Gulf Bank visited Kerala and lodged a complaint with the ADGP in charge of law and order.
The money laundering case stems from an FIR filed by the Kerala Police Crime Branch regarding the 'non-repayment' of a loan amounting to QAR 30,643,204 (approximately Rs 61.3 crore) from the United Bank Limited in Qatar.
The true aim of these rackets is to exploit the bank accounts of job seekers, including students, for illegal money laundering and other fraudulent activities.
The accused pawned 50 gold-filled bangles weighing around 400g to defraud the banks of Rs 18 lakhs.
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