An investigation has been initiated in Kerala after over 1,400 Malayalis, mostly nurses, allegedly defrauded Kuwait’s Gulf Bank of nearly Rs 700 crore. The fraud was executed using falsified salary certificates to secure loans. The bank discovered the scheme three months ago and lodged a complaint with the Kerala police. Based on this, 10 cases have been registered across Ernakulam and Kottayam districts. Authorities suspect a larger conspiracy behind the operation and may transfer the case to the Inspector General of Police (South Zone) for further investigation.
The accused reportedly took small loans initially and repaid them on time to gain the bank’s trust. Once their credibility was established, they secured larger loans before fleeing Kuwait to their home state or other countries. Gulf Bank officials have shared the defaulters’ local addresses with law enforcement, facilitating the registration of cases. The scale of the operation and its coordinated execution suggest it was a premeditated and organized scam.
Law enforcement agencies are preparing for a large-scale inquiry to uncover the full extent of the fraud. This case highlights the vulnerabilities in cross-border financial systems and the importance of stringent verification processes for loan approvals. Authorities are also considering measures to prevent similar incidents in the future.
