KUWAIT: Kerala Police have launched a large-scale investigation into a Dh303 million loan scam involving 1,425 Keralites, including 700-800 nurses, who allegedly defrauded Kuwait’s Gulf Bank. The suspects, many of whom worked with Kuwait’s Ministry of Health, took loans ranging from KD35,000 to KD45,000 before fleeing to countries like the UK, Canada, the US, and Australia without repaying their debts.

The Gulf Bank approached Kerala authorities after its investigations uncovered delays in repayments three months ago, ultimately identifying a massive fraud network. Cases have been registered in Ernakulam and Kottayam districts based on the information provided by the bank, which revealed that several individuals used the loans to fund migration or invest in properties in Kerala.

The alleged fraudsters reportedly used a calculated approach: initially securing smaller loans and repaying them promptly to gain the bank’s trust, then securing larger amounts before vanishing. Most of these activities occurred between 2019 and 2022, according to the bank’s legal representatives.