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PAN misuse? Indiabulls' Dhani app disbursed loans to strangers 'without consent', claim users

business | Feb 15, 2022 6:31 PM IST

PAN misuse? Indiabulls' Dhani app disbursed loans to strangers 'without consent', claim users

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Indiabulls-owned Dhani Loans and Services confirmed the developments and said it was talking to all complainants and establishing if it is a case of identity theft. The firm said they were rectifying records in the credit bureaus immediately. The company advertises that it can give personal loans “almost instantaneously” using only PAN cards and address proof as documents. The Dhani app has over 5 crore downloads on the Google Play Store.

Several users have taken to Twitter over the past few days to raise concerns that their personal financial information was being misused by unknown third parties to seek loans on Indiabulls-owned Dhani Loans and Services platform.

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Several people complained they found out their PAN details were being used by unknown persons to avail loans via Dhani, and are now facing show-cause notices. Some said they were shocked to see their credit reports list loans they had never availed as defaults.
Complainants say PAN details misused 
Reuters journalist Aditya Kalra wrote on Twitter: “Shocking revelation in my credit report. A loan disbursed by IVL Finance (Indiabulls) @dhanicares with my PAN number & name, addresses in Uttar Pradesh and Bihar. I have no clue. How can a disbursal happen on my name and PAN. In default already.” 
Another Twitter user Pranesh said, “Someone avail loan using my Aadhar and PAN details. I have not received any communication or OTP from Dhani. Today your person visited my house as he was not able to get in contact with the number registered during loan availment.” 
“Someone availed loan using my PAN details. I have not received any communication or OTP from Dhani. I found this from my credit report, the fraudster is somewhere from Delhi. Mobile number registered is also fake,” wrote another user Niraj Mehta.
Dhani confirms cases, says action is being taken
Dhani confirmed the developments when contacted by CNBC-TV18, and said it has immediately taken action in the matter. 
"There have been a few cases where unscrupulous people have used other people’s PAN details to take loans through the fintech operation on the app," a spokesperson or Dhani said.
Dhani told CNBC-TV18 it was talking to all complainants and establishing if it is a case of identity theft, then rectifying their records in the credit bureaus immediately.
"We have integrated with G-defence, which is a global security platform to further re-verify each device against a specific customer and PAN through various data fields. This will stop these stray incidents of identity thefts," it said. 
Firm boosts customer service team to tackle issue
Dhani also said it had increased its customer service team to 6,500 people to attend to customer problems, and started a special menu on the IVR of its customer service helpline to solve any such past cases immediately.
"Dhani has given small transaction finance loans to over 35 lakh people in the past 12 months and 99.9 percent have gone to genuine people who have benefited from this offering. We will leave no stone unturned to mitigate any possibility of identity theft on our fintech platform," the statement sent to CNBC-TV18 states.
"The digital and tech ecosystems are evolving, and the industry has been facing individuals who try to defraud both, companies and unsuspecting citizens. While there are many cases of fraudsters taking advantage of people who mistakenly share credentials and OTPs of their own volition, cases of identity theft are also on a steady rise. Our risk management and tech teams, therefore, have been on overdrive, constantly building more robust systems to try and keep such activities at a distance. We are taking all necessary steps to fully eliminate such behaviour by fraudulent people," the statement states.
About Indiabulls-owned Dhani
Dhani Loans and Services, formerly Indiabulls Consumer Finance Limited, is a non-deposit taking non-banking financial company registered with the Reserve Bank. Itis a 100 percent subsidiary of Dhani Services Limited.
“Dhani is a completely online personal loan fulfilment offering that provides customers with money directly in their bank accounts. Along with personal loans, DLSL also caters to small and medium businesses by offering business and other loans,” the company’s website read.
The company advertises that it can give personal loans “almost instantaneously” using only PAN cards and address proof as documents.
“Your personal loan application, sanction, and subsequent disbursal are almost instantaneous. All you need is a PAN card and address proof. Now with a quick hassle-free process, your personal loan will be disbursed directly to your bank account, instantly,” the website reads.
The Dhani app has over 5 crore downloads on the Google Play Store.
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