• A massive bank loan fraud involving 1,425 Keralites, including 700 nurses, has been uncovered in Kuwait.
• The accused individuals allegedly left Kuwait after availing substantial bank loans, settling in other countries without repaying their debts.
• The Kerala Police have registered 10 FIRs against the accused individuals, with the total outstanding loans amounting to Rs 700 crore.
• The case underscores the need for international cooperation in tackling cross-border financial crimes and stricter banking regulations.

In a shocking revelation, a massive bank loan fraud has come to light involving 1,425 Keralites, including 700 nurses, who have allegedly swindled a Kuwaiti bank. The individuals are accused of leaving Kuwait after availing substantial bank loans, only to settle in other countries without repaying their debts. The total outstanding loans that have not been repaid amount to a staggering Rs 700 crore.

The Kerala Police have taken swift action, registering 10 First Information Reports (FIRs) against the accused individuals. The FIRs have been filed in the districts of Kottayam and Ernakulam, based on the complaint of a Kuwaiti national, Muhammad Abdul Vassey Kamran. The investigation is being led by an Inspector General of Police, reflecting the seriousness with which the Kerala Police are treating the issue.

The loans in question were provided by the Gulf Bank, Kuwait, located at Al-Qibla, Mubarak-Al Kabeer Street, Safat, Kuwait. The bank's Consumer Credit department is at the center of the controversy.

Kuwaiti Bank Scam Unearthed

The scam came to light in 2022 when the Kuwaiti bank authorities discovered defaults in loan repayments. Upon further investigation, it was found that many of those who had availed these loans, ranging from Rs 50 lakh to more than Rs one crore, had already left Kuwait. They had relocated to countries like the US, the UK, Canada, and to states in India.

Kuwait has a significant population of Keralites, including a large number of nurses. Over the years, the Kuwaiti currency (KD) has had the highest exchange rate. At present, one KD fetches Rs 275, while one US Dollar fetches Rs 89. This high exchange rate may have been a contributing factor to the large sums involved in the scam.

In response to the initial action taken by the Kerala Police, a team of officials from Kuwait will be arriving in Kerala to register more complaints. The decision to send a team to Kerala was made after the Kuwaiti bank officials received a positive response from the Kerala Police, who had registered the initial 10 FIRs.

International Cooperation and Future Implications

The seriousness with which the Kerala Police have taken up the issue has been appreciated, and the cases have been entrusted to be led by an Inspector General of Police. This incident is reminiscent of similar cases in the past where individuals have taken advantage of lax banking regulations and oversight to commit fraud. It underscores the need for stricter controls and more robust systems to prevent such incidents in the future.

The incident has sent shockwaves through the Keralite community in Kuwait and other countries. It has also raised concerns about the potential impact on the reputation of the Keralite diaspora, many of whom are hardworking individuals contributing positively to their host countries.

As the investigation continues, it is hoped that the authorities will be able to bring the perpetrators to justice and recover the outstanding loans. This incident serves as a stark reminder of the need for vigilance and robust systems to prevent such frauds in the future.