Dh300 million loan scam: Police start massive hunt for Keralites who defrauded Kuwait bank
1,425 Keralites, including nurses, fled the country after taking loans worth Dh303 million
Dubai: Kerala Police has initiated an investigation against 1,425 Keralites who fled after defrauding a Kuwait bank of approximately Dh303 million (Rs700 crore or Rs7 billion). These include around 700-800 nurses, according to Indian media reports.
The Gulf Bank of Kuwait was the target of the scammers. Authorities also suspect the involvement of agents because of the huge number of people involved in the massive scam, according to a report.
At least 10 cases have been registered in Ernakulum and Kottayam districts of Kerala after the bank officials visited the state and sought the help of local police in nabbing the culprits.
Many of the nurses were working with the Kuwait Ministry of Health at the time of the incident. They took loans amounting to KD35,000 to KD45,000 and later relocated to other countries, including UK, Canada, US and Australia, without repaying them.
The bank has shared details of the defaulters with Kerala Police, following which the cases were registered against them in the state.
Bank officials became suspicious three months ago when repayments were delayed and soon found more than 1,400 were involved in the scheme.
It is understood that many of them used the money to fund the migration to foreign countries. Some even purchased properties in Kerala.
According to reports, the fraudsters used a familiar but simple modus operandi. They gained the trust of the bank by taking smaller loans and repaying them promptly. Once the trust was gained they went for larger amounts and fled Kuwait without a trace.
Much of the fraud happened between 2019 and 2022, according to a lawyer representing the Gulf Bank in the case, as quoted by the Indian Express.