BFIU warns against illegal loan apps, names 30 platforms

The Bangladesh Financial Intelligence Unit (BFIU) has warned the public against taking loans through unauthorised mobile apps and digital platforms and named 30 illegal apps involved in extortion, data theft and financial fraud.

The anti-money laundering agency said providing loans without approval from Bangladesh Bank is ille-gal. It added that fraudulent lending activities are considered a predicate offence under the Money Laundering Prevention Act, 2012.

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In a press release issued Thursday, the BFIU said an increasing number of illegal entities and individuals are offering quick loans on easy terms through mobile apps, social media groups and other online plat-forms.

The agency said these unauthorised platforms collect users’ personal information, mobile contact lists, photographs and other sensitive data in the name of providing quick loans.

“Subsequently, the operators engage in harassment and extortion and threaten to expose personal data publicly.”

The BFIU urged people not to share their National ID details, bank account information or sensitive mobile data with unknown platforms.

It also advised the public to be cautious of platforms that demand advance payments, registration fees or processing charges before approving loans.

The 30 unauthorised apps identified by the BFIU are: Sathi Loan, Pop Cash, FinCash, Quick Loan, Quick Taka, Dhaka Fin, LoanVibe, Dost Loan, Taka Cash Loan, KWANZA Loan, SSH Money, LoanBuddy, Cash-Hora, Alo Cash, Fast Loan, Easy Taka, Dhorjo Loan, Fin Dot Do, Taka Cash Loan, BongoCash, Asha Loan, Subidha Loan, Smart Loan BD, Online Loan BD, City Online Loan, BD Shohoj Loan, Cash Loan, Sonali, Loan Haat and Taka Nao.

The agency advised victims of unauthorised lending platforms, as well as people with information about illegal digital loan operations, to file complaints through the official BFIU website or submit re-ports directly to the agency’s directorate.

Earlier, on August 24, The Daily Star published a report titled “Fake online loans lead borrowers into costly traps”.

The report said people are losing their hard-earned money to online scams that offer cheap loans and quick investment returns. It also said some unauthorised mobile apps are targeting people by offering digital loans.