The police probe into an NRI loan scam in which a major nationalised bank was allegedly duped of ₹29.62 crore is likely to be handed over to the Crime Branch.

The Ernakulam Central police, which registered a case based on a complaint from a zonal manager of Indian Bank, has submitted a preliminary report to the District Police Chief (Kochi City), citing the need for a detailed investigation by the Crime Branch into the multi-crore cheating case.

“We have requested a Crime Branch probe as the alleged cheating pertains to over ₹5 crore. Now, the District Police Chief has to forward the request to the State Police Chief, and a decision will be made at the headquarters,” a senior officer said.

The Central police on Friday (August 7, 2026) booked Maymo Financial Service Private Limited, a direct selling agent of the bank, its managing director Midhun Michael Manuel and director Mable Mary, along with 28 others, for allegedly cheating the bank. According to the FIR, the accused allegedly availed themselves of 12 NRI home loans totalling ₹29.62 crore from the bank’s M.G. Road branch by forging various documents between May 13, 2022, and December 21, 2024.

The bank detected the alleged fraud when the loanees defaulted on their payments. The accused allegedly forged attestation documents from the Indian Embassy in Riyadh, the Indian Consulate in Riyadh, the Indian Consulate in Muscat, and the Indian Consulate in Doha to commit the crime.

Published - August 09, 2026 08:24 pm IST