Kerala police are set to transfer a ₹29.62 crore NRI loan fraud case involving Maymo Financial Service to the Crime Branch after Ernakulam Central police recommended further investigation, amid a series of similar banking scams involving Gulf-based lenders.
Kerala police are likely to hand over an alleged ₹29.62 crore NRI loan fraud to the Crime Branch after Ernakulam Central police said the case needs a deeper probe, according to The Hindu.
The case was registered on Friday after a complaint from a zonal manager of Indian Bank. Police said Maymo Financial Service Private Limited, a direct selling agent for the bank, its managing director Midhun Michael Manuel, director Mable Mary and 28 others were booked for allegedly cheating the lender through 12 home loans issued from the M.G. Road branch between May 13, 2022 and December 21, 2024.
Investigators believe the bank was duped through forged documents, including false attestations purportedly issued by the Indian Embassy and consulates in Riyadh, Muscat and Doha. The fraud came to light after the borrowers defaulted, prompting the bank to flag the accounts.
A senior officer told The Hindu that the matter crossed the threshold for a Crime Branch investigation because the alleged cheating exceeded ₹5 crore. The District Police Chief in Kochi City is expected to forward the request to state police headquarters, where a decision will be taken.
The case comes amid a string of loan fraud probes in Kerala involving non-resident Indians and Gulf-based banks. In May, the state government told the Kerala High Court that cases involving Gulf Bank in Kuwait had already been transferred to the Crime Branch, with losses said to be about ₹700 crore. In March, the High Court ordered a Crime Branch investigation into 12 loan default cases linked to Al Ahli Bank of Kuwait, while earlier probes into the Karuvannur Co-operative Bank scandal exposed another major lending fraud in the state.
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