ADB warns public against fraudulent loan offers using its name

The Asian Development Bank (ADB) has warned the public in Bangladesh against fraudulent schemes that misuse its name and logo to offer fake loans in exchange for fees.

ADB does not provide loans, funds, or financial assistance directly to individuals. Nor does it request personal financial information or seek payments through mobile banking or any other channel in exchange for financial assistance, the multilateral lender said in a statement today.

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Citing recent reports, ADB said fraudsters have created fake websites, Facebook pages, IDs, and other deceptive materials impersonating the bank and its staff to mislead people and solicit payments.

"ADB has no involvement in these schemes," it said.

The international financial institution advised the public to remain vigilant and avoid responding to fake loan offers. Anyone approached by individuals or groups claiming to offer ADB loans or financial assistance should report the incident to the appropriate authorities.

ADB said it is a long-standing development partner of Bangladesh, working with the government and private-sector organisations to support development projects through transparent business processes.

"Any person claiming to represent ADB and offering loans directly to individuals is acting fraudulently," it said.

Founded in 1966, ADB is a multilateral development bank that supports sustainable, inclusive, and resilient growth across Asia and the Pacific. It is owned by 69 members, 50 of which are from the region.