ADB warns public against fake loan scams using its name

The Asian Development Bank (ADB) has warned the public against fraudulent schemes in which scammers use the bank's name, logo and the identities of its officials to deceive people into paying money in exchange for fake loans.

In a statement, ADB clarified that it does not provide direct loans, grants, funds or any other form of financial assistance to individuals. It also never requests personal financial information or asks people to transfer money through mobile financial services or any other payment channels in exchange for financial assistance.

According to the bank, fraudsters have recently been creating fake websites, Facebook pages, counterfeit identity cards and other deceptive materials using ADB's name and branding to mislead the public. ADB stressed that it has no connection with such activities.

The bank urged people not to respond to suspicious loan offers made in its name and advised anyone contacted by individuals claiming to represent ADB to report the matter to the relevant law enforcement authorities.

As a long-standing development partner of Bangladesh, ADB works only through transparent and accountable processes with the government and private-sector institutions on development projects. Any direct loan or financial assistance offer made to individuals in ADB's name should be treated as fraudulent.