The Bangladesh Financial Intelligence Unit (BFIU) has warned the general public against the illegal activities of unauthorized mobile apps and online platforms that lure people into taking quick loans on easy terms through digital mediums. At the same time, the financial intelligence agency has called upon everyone not to take any loans from such unauthorized digital platforms. This warning was issued by the BFIU on Thursday, August 27.
The BFIU stated that various mobile applications, online platforms, and social media-based groups are offering quick loans with easy terms. These unauthorized apps are collecting users' personal data, contact information stored on mobile phones, photos, and other sensitive information. The agency noted that there are subsequent complaints of undue pressure on customers, intimidation, threats of exposing personal information, and extorting extra money under the guise of loan recovery. This can seriously jeopardize personal privacy and financial security.
The BFIU further stated that providing loans is a regulated financial activity in Bangladesh. No individual or institution can conduct loan operations through mobile apps, websites, or digital platforms without the approval of Bangladesh Bank and without following prevailing laws and regulatory frameworks.
Such unauthorized loan activities carry risks of fraud, financial crime, and money laundering. Specifically, the BFIU has advised against providing National Identity cards, bank account information, personal photos, mobile contact lists, or any other sensitive information to unfamiliar apps or platforms lured by loans. People have also been asked to remain vigilant even if advance money, registration fees, or processing fees are demanded before issuing a loan.
Among the 31 illegal or unauthorized lending apps that have come to the attention of the BFIU are Sathi Loan, Popcash, Fincash, Quick Loan, Quick Taka, Dhaka Fin, Loanvibe, Dost Loan, Taka Cash Loan, Keywanza Loan, SSH Money, Loanbody, Cashhora, Alo Cash, Fast Loan, Easy Taka, Dhairjo Loan, Fin Dot Du, Bongo Cash, Asha Loan, Shuvidha Loan, Smart Loan BD, Online Loan BD, City Online Loan, BD Shohoz Loan, Cash Loan, Sonali, Loanhut, and Takanaw.
The agency also stated that if anyone is cheated through these unauthorized platforms or has information about any apps, online platforms, social media groups, individuals, or institutions conducting such activities, complaints can be lodged with the BFIU.
As embezzlement of funds through fraud is a punishable offense under the Money Laundering Prevention Act, 2012, the financial intelligence agency has called upon everyone to stay away from such activities.
