Kochi: An investigation has been launched against 1,425 Malayalis in connection with allegations of defrauding the Gulf Bank in Kuwait of approximately ₹700 crore. The complaint states that after taking loans from the bank, these individuals moved to other countries. Ten cases have reportedly been registered in Kerala in relation to the incident.

The loans ranged from ₹50 lakh to ₹2 crore. Initially, small loans were taken and repaid on time, after which larger loans were obtained. The individuals then moved to countries like the UK, Canada and the US.

The bank began its investigation after repayment was delayed. It was then that the bank realised that 1,425 Malayalis had defrauded them. Following this, bank officials visited Kerala and met with senior police officers, providing addresses of the alleged fraudsters. The cases were then registered.

Among those accused, over 800 individuals had worked as nurses at Kuwait's Ministry of Health. The bank believes that the initial fraudsters exploited a loophole, allowing more Malayalis to defraud the bank. There is also suspicion that agents may have been involved in the scam.

The investigation is being conducted by the Southern Region IG. 

Currently, the cases have been registered in the Ernakulam and Kottayam districts.