ADB warns public against fake loan scams, fraudulent offers

The Dhaka office of the Asian Development Bank (ADB) has cautioned the public against fraudulent schemes that misuse the organization's name, logo, and officials' identities to extort money by offering fake loans and financial assistance.

In a press release issued, the ADB revealed that scammers are creating fraudulent materials, including counterfeit websites, fake Facebook pages, and forged identity cards using the organization's identity on Monday. Through these means, perpetrators are attempting to swindle money and harvest personal information from the general public.

The ADB explicitly clarified in the statement that it never provides loans, grants, funds, or any other financial assistance directly to individuals. Furthermore, the organization emphasized that it does not request personal information in exchange for financial support, nor does it ask for money transfers via mobile banking or any other channels.

According to the ADB, any such offers or communications made under its name are entirely fraudulent and have no connection to the institution.

Advising the public not to respond to such deceptive communications, the organization urged individuals to immediately report any loan or financial assistance offers made under the ADB's name to law enforcement agencies.

The press release further highlighted that as a long-standing development partner of Bangladesh, the ADB implements development projects with the government and various private sector organizations through a transparent and accountable process. Therefore, any communication regarding direct individual loans or financial assistance must be treated as a scam.

Previously, similar fraudulent loan scams misusing the World Bank's name had surfaced in the country, prompting its Dhaka office to issue a similar warning to the public at that time.

Established in 1966, the ADB currently has 68 member countries, 49 of which are from the Asia and Pacific region. The organization provides financing and development cooperation to various countries to ensure sustainable, inclusive, and climate-resilient development.