ADB warns Bangladeshis against fake loan scams using its name

The Asian Development Bank (ADB) has warned the public in Bangladesh against fraudulent schemes that misuse its name and logo to offer fake loans in exchange for fees, urging people not to respond to such offers or make any payments.

In a statement, ADB said it does not provide loans, funds or financial assistance directly to individuals.

It also does not request personal financial information or ask for payments through mobile banking or any other channel in exchange for financial assistance.

The bank said recent reports indicate that fraudsters have created fake websites, Facebook pages, IDs and other deceptive materials to impersonate ADB and its staff.

These individuals are using ADB's name and logo to mislead people and solicit payments.

ADB said it has no involvement in such schemes.

The bank advised members of the public to remain vigilant and avoid responding to fake loan offers.

It also urged anyone approached by individuals or groups claiming to offer ADB loans or financial assistance to report the incident to the appropriate authorities.

ADB said it works with the Government of Bangladesh and private-sector organisations to support development projects through transparent business processes.

It added that anyone claiming to represent ADB and offering loans or financial assistance directly to individuals is acting fraudulently.

ADB has directed the public to its official advisories on scams misusing its name, the names of its officials or the addresses of its offices for further information.