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Some of the defaulters Onmanorama spoke to said that they defaulted on payment because they couldn't return to Kuwait or had sought relief from the bank earlier.
The Deputy General Manager of Gulf Bank visited Kerala and lodged a complaint with the ADGP in charge of law and order.
The money laundering case stems from an FIR filed by the Kerala Police Crime Branch regarding the 'non-repayment' of a loan amounting to QAR 30,643,204 (approximately Rs 61.3 crore) from the United Bank Limited in Qatar.
The true aim of these rackets is to exploit the bank accounts of job seekers, including students, for illegal money laundering and other fraudulent activities.
The accused pawned 50 gold-filled bangles weighing around 400g to defraud the banks of Rs 18 lakhs.
Bindu allegedly took loans in the names of society's account holders and withdrew their investments after forging documents.
The accused, who was on the run, was caught by the Karnataka police while trying to obtain a SIM card without an Aadhaar card from Humnabad, in Bidar district.
Madhu Jayakumar, former manager at the bank had stolen 26.24 kg gold from the Vadakara branch.
The involvement of four others is also suspected in the scam that involved pledging fake gold equivalent to 221 sovereigns.
Vadakara first class Judicial magistrate gave the probe team time to collect evidence.
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