ADB warns brand being exploited to commit financial fraud in Bangladesh

The Asian Development Bank (ADB) has warned people in Bangladesh against fraudulent schemes that are using the bank’s name and logo to offer fake loans in exchange for fees.

ADB said it does not provide loans, funds or financial assistance directly to individuals. It also never asks people to share personal financial information or make payments through mobile financial services or any other channel in return for financial assistance.

The warning comes following reports that fraudsters have created fake websites, Facebook pages, social media accounts and other deceptive materials impersonating ADB and its officials.

According to the Manila-based multilateral lender, the scammers are using ADB’s name and logo to mislead people and solicit money, although the bank has no connection with such activities.

ADB urged members of the public to remain vigilant and ignore any offers claiming to provide ADB loans or direct financial assistance. It also advised anyone approached by individuals or groups making such claims to report the matter to the appropriate authorities.

The bank reiterated that it works with the Government of Bangladesh and private sector organisations to finance development projects through established and transparent business processes.

“Any person claiming to represent ADB and offering loans or financial assistance directly to individuals is acting fraudulently,” the bank said.

ADB has advised people seeking more information about scams involving its name, officials or offices to consult its official scam advisories.