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Indiabulls-owned Dhani app loan fraud: All you need to know

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Indiabulls-owned Dhani app loan fraud: All you need to know

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Dhani Loans and Services is a NBFC registered with the RBI. Dhani, a 100 percent subsidiary of Dhani Services Limited, disburses loans online but does not take any deposits. The company offers personal loans and loans to small and medium businesses, the company’s website said.

Indiabulls-owned Dhani app loan fraud: All you need to know
Several users were shocked to find unaccounted outstanding loans from Indiabulls-owned Dhani Loans and Services Ltd appearing on their credit history without their consent. In the past few days, many users took to social media to raise concern over the misuse of their PAN details by unknown third parties to avail loans from the fintech start-up.
These people claim that they had never borrowed any loans from the online lender. Some individuals have approached the Reserve Bank of India and cybercrime authorities alleging fraud.
When did it start?
Some of these loans from Dhani have been taken in the past six months. Apart from the permanent account number (PAN), most of the other customer details were not genuine.
Pharma company employee Surya Tripathi from Gorakhpur, Uttar Pradesh, told Mint that his credit score had been dropping since November 2021. When he probed, Tripathi found out that there were two loans from IVL Finance wrongly attributed to him, which were affecting his credit score. IVL Finance was formerly Indiabulls Consumer Finance Ltd.
Software engineer Dileep Kumar from Delhi also discovered a Dhani loan wrongly attributed to him in November 2021. He had immediately written to the Dhani about the anomaly and also complained to the RBI ombudsman a month later.
Following the RBI complaint, Kumar received a mail from the Dhani redressal team, acknowledging that his “KYC documents have been tampered and been misused for availing a loan facility from our company", Mint reported.
What is the company doing?
When contacted, Dhani confirmed the developments and said it had initiated action in the matter. The company is weighing all complaints to see if it was a case of identity theft and rectifying records in the credit bureaus.
In order to stop stray events of identity thefts, Dhani is working with global security platform G-defence to re-verify each device against a specific customer and PAN through various data fields.
As part of its measures, Dhani has also increased its customer support team to 6,500 people to attend to customer problems. The company has introduced a special menu on the IVR of its customer service helpline that will help immediately resolve past cases.
In a statement to CNBC-TV18, Dhani said it had disbursed small transaction finance loans to over 35 lakh people in the past 12 months, of which 99.9 percent were given to genuine people.
The fintech lender slowed the process of signing up new customers in the last month in a bid to tighten its processes, the report quoted a person aware of the development.
Indiabulls-owned Dhani Loans
Formerly known as Indiabulls Consumer Finance Limited, Dhani Loans and Services is a non-banking financial company registered with the Reserve Bank. Dhani, a 100 percent subsidiary of Dhani Services Limited, disburses loans online but does not take any deposits.
The company offers personal loans and loans to small and medium businesses, the company’s website said.
A person can avail of loans from Dhani by giving only PAN card details and address proof as documents. The Dhani app has over 5 crore downloads on the Google Play Store.
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