KOCHI: In a shocking case of alleged financial fraud, over 1,400 nurses from Kerala have been accused of collectively defrauding Kuwait’s Gulf Bank of nearly ₹700 crore. The nurses, who were employed with the Ministry of Health (MoH) in Kuwait, reportedly took substantial loans from the bank before “willfully” defaulting on repayments. They subsequently left the Gulf country and migrated to nations like Canada, Australia, and various European countries, leaving the bank in financial distress.
The Alleged Fraud
The Gulf Bank has identified 1,425 individuals involved in this large-scale financial default. According to Advocate Thomas J Anakkallumkal, who represents the bank in Kerala, many of these nurses initially maintained good repayment records. However, as demand for medical professionals surged in Western countries, they saw an opportunity to relocate for better prospects. Before leaving, they availed significant loans from the bank, deliberately failing to repay the borrowed amounts.
Thomas stated, “These nurses had a history of repaying smaller loans promptly. However, they took advantage of the opportunity to secure larger loans when the demand for healthcare workers in countries like Canada and Australia grew. They used this money to migrate and then stopped all repayments, leaving the bank unable to pursue them directly.”
Legal Action in Kerala
The case came to light when Mohammed Abdul Vassey, Deputy General Manager of Gulf Bank, visited Kerala last month to address the situation. He met the Kerala state police chief and subsequently lodged complaints against 10 individuals identified as defaulters.
These individuals had returned to Kerala after defaulting on significant loan amounts, with some reportedly investing the money in luxury properties and businesses back home. One defaulter was found to have purchased a high-end apartment in Kochi and is now working at a local hospital.
FIRs Registered Against Defaulters
So far, Kerala Police have registered First Information Reports (FIRs) against 10 individuals across various police stations. The accused include:
- Shafeek Ali (Kalamassery): ₹1.25 crore
- Delna Thankachan (Vadayampady): ₹93.10 lakh
- Biju Moonjely (Anappara): ₹98.40 lakh
- Rita Shibu (Aimury): ₹1.22 crore
- Raghul Retheeshan (Muvattupuzha): ₹1.21 crore
- Robin Mathew (Nellimattom): ₹63.24 lakh
- Sindhya Alex (Varapuzha): ₹70.07 lakh
- Deepak Gopi (Nayarambalam): ₹1.16 crore
- Keerthimon (Kumarakom): ₹1.10 crore
These cases have been registered at police stations in Kalamassery, Njarackal, Varapuzha, Kalady, Muvattupuzha, Onnukal, Kodanad, and Kumarakom. The accused face charges under IPC Sections 420 (cheating) and 406 (criminal breach of trust).
Challenges in Recovery
Due to the international nature of the fraud, the Gulf Bank initially sought legal advice on whether action could be taken in India. While the fraud occurred in Kuwait, Indian law provides provisions for prosecution if the accused are present in India.
A senior police officer involved in the case commented, “Even though the fraud took place in Kuwait, the accused are Indian citizens, and their actions can be prosecuted here. Statements have already been recorded in some cases, and investigations are ongoing.”
Investigations and Future Steps
The police have begun investigating the matter, with Gulf Bank expected to share more evidence and details of other defaulters. Additional FIRs are likely as the investigation widens. Authorities are also probing whether the defaulters misused their loans to fund their migration or establish assets in India.
Implications for the Banking Sector
This case highlights the vulnerabilities faced by international banks in cross-border loan recovery. It also raises questions about ethical practices among professionals and the loopholes that allow individuals to evade financial responsibilities.
As the investigation progresses, it is hoped that legal action will set a precedent, discouraging similar fraudulent activities in the future.
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