The Asian Development Bank (ADB) has warned people in Bangladesh against fraudulent schemes that promise loans in exchange for upfront payments, saying scammers are increasingly misusing the bank’s name, logo and identity to deceive the public.
ADB said in a statement on Monday that it does not provide loans, grants or any other financial assistance directly to individuals, nor does it ask for payments, mobile banking transfers or personal financial information in return for financial support.
The warning comes after reports that fraudsters created fake websites, Facebook pages, identification cards and other materials impersonating ADB and its staff to solicit money from victims. The multilateral lender said it has no connection with such schemes.
ADB urged the public to ignore unsolicited loan offers made in its name and to report anyone claiming to arrange ADB loans or financial assistance directly to individuals to the relevant authorities.
The lender said it works with the Government of Bangladesh and private-sector organisations to finance development projects through established institutional channels rather than providing loans to individuals. It added that anyone claiming to represent ADB while offering personal loans or financial assistance is acting fraudulently.
ADB directed the public to its official integrity advisories for information on scams involving its name, officials or offices and reiterated that official communications are issued only through authorised channels.
