Kochi: A team of officials from Kuwait is set to arrive in Kerala to facilitate the registration of additional complaints related to bank loan fraud, following the filing of 10 FIRs against Keralites who left Kuwait after taking out loans. The cases were initiated based on a complaint from Kuwaiti national Muhammad Abdul Vassey Kamran.
One FIR has already been filed at the Kumarakom Police Station in Kottayam district. The loans in question were issued by Gulf Bank, Kuwait, located on Al-Qibla, Mubarak-Al Kabeer Street, Safat.
Sources indicate that after receiving a positive response from the Kerala Police, who registered the initial 10 FIRs, Kuwaiti bank officials have decided to come to Kerala to pursue further complaints.
Approximately 1,425 Keralites, including 700 nurses, have left Kuwait for other countries, resulting in a total outstanding loan amount of Rs 700 crore. The Kerala Police are taking the matter seriously and have assigned the investigation to an Inspector General of Police. So far, the FIRs have been registered in Kottayam and Ernakulam districts.
The fraud was uncovered when Kuwaiti bank authorities noticed defaults in loan repayments. Upon investigation, it was revealed that many borrowers, who had taken loans ranging from Rs 50 lakh to over Rs one crore, had left Kuwait for countries such as the US, UK, Canada, and various states in India.
Kuwait’s currency (KD) has a high exchange rate, currently standing at Rs 275 per KD, while the US Dollar is valued at Rs 89. The expatriate population from Kerala, particularly among nurses, is significant.
Some loan defaults occurred during the COVID-19 pandemic when individuals lost their jobs and had to return home. It remains uncertain how the law will address these defaulters. Additionally, efforts are underway to explore the possibility of cancelling the registration of nurses who have defaulted on their loans, with the cooperation of the Kerala government being essential.