Kuwait authorities have initiated a significant manhunt for 1,425 Keralites accused of defrauding a local bank in a shocking Dh300 million loan scam. Among those involved are several nurses and professionals who reportedly fled the country after securing large loans with no intention of repayment.
The scam has sent ripples through Kuwait’s financial and expatriate communities, involving fraudulent applications for both personal and business loans. Many of the accused allegedly used forged documents to obtain substantial amounts, leaving the bank struggling to recover its losses. Authorities are now collaborating with international agencies to locate the individuals implicated.
This high-profile case has not only exposed weaknesses in the loan approval process but has also raised alarms within the expatriate community in Kuwait. Many expatriates are concerned about potential increased scrutiny and stricter regulations on loans, which could hinder their ability to obtain financial support for legitimate needs.
The Dh300 million scam serves as a warning for financial institutions, highlighting the necessity for rigorous verification processes. Meanwhile, the police are committed to bringing the offenders to justice and recovering the defrauded funds, ensuring accountability for those who took advantage of the system.
