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Bangladesh Financial Intelligence Unit (BFIU) has warned the public against conducting transactions with 31 illegal or unauthorised digital lending apps and platforms that allegedly lure users with promises of quick loans on easy terms.
The financial intelligence agency issued the warning on Thursday, urging people not to take loans from such unauthorised apps and online platforms.
According to BFIU, various mobile applications, online platforms and social media-based groups are offering quick and easy loans while collecting users’ personal data, including contact lists, photographs and other sensitive information from their mobile phones.
The agency said allegations have emerged that users are later subjected to harassment, intimidation and excessive financial demands in the name of loan recovery. In some cases, borrowers are allegedly threatened with the disclosure of their personal information, putting both their privacy and financial security at serious risk.
BFIU said lending is a regulated financial activity in Bangladesh, and no individual or institution can legally operate a lending service through mobile apps, websites or digital platforms without approval from Bangladesh Bank and compliance with relevant laws and regulations.
The agency warned that such unauthorised lending operations may involve fraud, financial crimes and money laundering. It advised people not to share their national ID details, bank account information, personal photographs, mobile contact lists or other sensitive information with unfamiliar lending apps or platforms.
BFIU also urged the public to remain cautious if any lender demands advance payments, registration fees or processing charges before disbursing a loan.
The 31 unauthorised apps and platforms identified by BFIU include Sathi Loan, PopCash, FinCash, Quick Loan, Quick Taka, Dhaka Fin, LoanVibe, Dost Loan, Taka Cash Loan, Kewanza Loan, SSH Money, LoanBuddy, Sathi Loan, CashHora, Alo Cash, Fast Loan, Easy Taka, Dhorjo Loan, Fin Dot Do, BongoCash, Asha Loan, Subidha Loan, Smart Loan BD, Online Loan BD, City Online Loan, BD Shohoz Loan, Cash Loan, Sonali, LoanHat and Taka Now.
BFIU said victims of fraud or members of the public with information about such unauthorised apps, online platforms, social media groups, individuals or organisations may submit complaints to the agency.
The financial intelligence unit urged everyone to stay away from such illegal lending activities, noting that fraudulent appropriation of money is punishable under the Money Laundering Prevention Act, 2012.
