Kuwaiti Officials Set to Visit Kerala for Expanded Bank Loan Fraud Investigations
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Kochi, Dec 7 (NationPress) After local authorities filed 10 FIRs against individuals from Kerala who departed Kuwait after securing bank loans, a contingent of officials from the West Asian nation is preparing to visit here to proceed with additional complaint registrations.
The allegations originated from Kuwaiti national Muhammad Abdul Vassey Kamran.
One case has been officially logged at the Kumarakom Police Station in the Kottayam district.
The loans in question were issued by Gulf Bank, located at Al-Qibla, Mubarak-Al Kabeer Street, Safat, Kuwait.
As per reports, Kuwaiti banking officials, encouraged by the effective response from the Kerala Police, who documented 10 FIRs, are now intending to come here for further complaint registrations.
Approximately 1,425 individuals from Kerala, including 700 nurses, have departed Kuwait for other countries, with an accumulated loan default amount reaching Rs 700 crore.
The Kerala Police are treating this matter with utmost seriousness and have assigned an Inspector General of Police to oversee the investigations.
So far, the 10 FIRs have been filed in the districts of Kottayam and Ernakulam.
The fraud came to light when Kuwaiti bank authorities noticed repayment defaults, leading to the discovery that many borrowers, who had loans ranging from Rs 50 lakh to over Rs one crore, had left Kuwait for countries like the US, UK, Canada, and various states in India.
Over the years, the Kuwaiti currency (KD) has maintained a high exchange rate, currently standing at Rs 275 for one KD, while one US Dollar is equivalent to Rs 89.
Kuwait hosts a significant population from Kerala, particularly a large number of nurses.
It is noteworthy that the defaults by some loan recipients occurred during the COVID-19 pandemic, forcing many to return home after losing their jobs; however, it remains uncertain how the law will pursue the defaulters.
There are ongoing efforts to determine whether the licenses of nurses who borrowed and defaulted can be revoked, making the role of the Kerala government essential in this process.
