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Kerala Gulf NRI Investment Fraud | Report Scams

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activePonzi / MLM FraudThrissur / Ernakulam, Kerala

Kerala Gulf NRI Investment Fraud

A prominent Kuwait-based bank lodged complaints alleging that over 1,400 people from Kerala, primarily nurses, defaulted on substantial loans totalling about Rs 700 crore. According to reports, the borrowers allegedly took large loans after gaining trust through smaller initial repayments and then left Kuwait without clearing their dues. The bank registered 10 FIRs across districts like Ernakulam and Kottayam. Some defaulters have reportedly expressed readiness to repay.

State

Kerala

First reported

March 2023

Estimated victims

5,000+ families

Amount alleged

₹300+ Cr (alleged)

Total Amount Alleged (Loan Default)

Rs 700 crore

Total Amount Alleged (Trading Fraud)

Rs 247.6 million

Agencies Involved

Kerala Police, Kochi City Cyber Police, Cyber Cell, Crime Branch's Financial Crimes Investigation Division, and Indian Cyber Crime Coordination Centre

Sections Cited

Sections 318(4) and 316(2) of BNS; IPC sections 406, 420, 120-B, and 34

Status

FIRs registered and investigations underway by police and cyber authorities

The full story

Everything you need to know about this case, in one place.

Separately, a 49-year-old businessman from Kochi was allegedly conned out of Rs 247.6 million in an online trading fraud. The victim was reportedly lured by an international syndicate operating through a fake trading portal and Telegram, where inflated returns were displayed. After discovering he could not withdraw his funds, a formal complaint was filed, prompting investigations by the Kochi City Cyber Police, the Crime Branch's Financial Crimes Investigation Division, and national cyber cells.

Not yet reported: The final court outcomes and the complete recovery status of the embezzled funds are not reported.

Where the case stands

The latest position in the reports we read.

Police have registered multiple FIRs in both the loan default and cyber fraud cases, and investigations are actively ongoing. Some loan defaulters have reportedly expressed a readiness to repay their dues.

Who was affected

Described in general terms; we do not name victims.

The victims include a Kuwait-based bank defrauded of hundreds of crores, over 1,400 individuals facing legal complaints over loan defaults, and a Kochi businessman who lost millions in an online trading scam.

Timeline

Key dates as reported, oldest first.

March 2023 to August 2025The Kochi businessman was allegedly duped through a fake online trading portal.

Recent months / Last monthThe Kuwait-based bank lodged complaints and 10 FIRs were registered across Kerala police stations regarding loan defaults.

MondayThe Kochi City Cyber Police registered an FIR under sections of the Bharatiya Nyaya Sanhita.

FridayThe Kochi businessman filed a formal complaint regarding the cyber fraud.

How the scam worked

The method described in the reports.

In the loan default case, borrowers allegedly took small loans first, repaid them promptly to build trust, and then secured much larger loans ranging from Rs 75 lakh to one crore before leaving Kuwait.
In the online trading scam, fraudsters lured the victim via phone calls and Telegram, convincing him to use a fake investment application.
The scammers displayed inflated, doubled profits on initial deposits to build confidence, prompting the victim to transfer money in multiple instalments across several bank accounts.
The scheme unravelled when the victim attempted to withdraw funds and faced repeated delays and denials of access.

Targeted by something similar?

Call 1930 (free, 24x7) straight away, then file at cybercrime.gov.in. Money reported in the first hours is far easier to freeze.

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Sources and further reading

Optional. The full story is above; these are the original reports it was prepared from.

gulfnews.comOriginal report economictimes.indiatimes.comOriginal report indiatoday.inOriginal report Primary source / searchOpens via Google News

Prepared by Report Scams, with the help of AI, from the published reports listed above. Check those reports for the latest. Cases here describe allegations. An FIR, arrest or charge is not a finding of guilt. To report a mistake, or to ask for a correction or removal, write to our Grievance Officer. See also the Safe Posting policy.