ADB Warns Against Fake Loan Scam

The Asian Development Bank (ADB) has issued a public warning over a growing wave of fraudsters exploiting the organisation’s name, logo and the identities of its officials to deceive people with fake loan offers and extract money.

In a press statement released by its Dhaka office on Monday morning, the multilateral development bank urged the public to remain vigilant against fraudulent schemes that falsely claim to provide ADB loans, grants or other forms of financial assistance. According to the statement, scammers have been creating counterfeit websites, fake Facebook pages, forged staff identity cards and other deceptive materials designed to imitate the institution and mislead unsuspecting individuals.

The warning comes amid increasing concerns over online financial fraud, where criminals often impersonate reputable international organisations to gain the trust of victims. Only recently, a similar scam emerged in which fraudsters misused the name of another major international development institution to promote fictitious loan programmes, prompting that organisation’s Dhaka office to issue its own public alert.

ADB stressed that it never provides loans, grants, funding or any other form of direct financial assistance to individual members of the public. Instead, the bank works through governments, public institutions and private sector organisations to finance development initiatives. As a result, any unsolicited offer claiming to provide an ADB loan directly to an individual should be regarded as fraudulent.

The organisation also clarified that it never requests personal financial information from individuals in exchange for financial support. Nor does it ask applicants to deposit money through mobile financial services, bank transfers or any other payment channel as a prerequisite for receiving loans or grants. Such requests are clear warning signs of a scam.

According to ADB, recent intelligence indicates that fraudsters have become increasingly sophisticated in their methods. By using fake online platforms, forged identification documents and fabricated communications that appear authentic, they attempt to convince victims that they are dealing with legitimate ADB representatives. The institution emphasised that it has no connection whatsoever with these activities and that the fraudulent materials are entirely unauthorised.

The bank strongly advised members of the public to ignore suspicious messages, emails, phone calls or social media communications promising loans or financial assistance in ADB’s name. It also encouraged anyone approached with such offers to refrain from sharing personal information or making any payments, regardless of the explanation provided by the sender.

ADB further requested that victims or anyone who encounters such fraudulent communications report the matter promptly to the relevant law enforcement authorities. Early reporting, it said, can help prevent financial losses and support efforts to identify those responsible.

As one of Bangladesh’s longstanding development partners, ADB finances projects through transparent and accountable procedures in collaboration with the Government of Bangladesh and a range of private sector institutions. Its support is directed towards national development programmes rather than individual recipients. Consequently, any person claiming to represent ADB while offering direct personal loans or financial assistance should be treated as attempting to commit fraud.