Bangladesh Bank warns against illegal loan traps
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Bangladesh Bank has warned the public against taking loans from unauthorized organizations and mobile apps operating illegally.
- Do not take loans from unauthorized organizations or mobile apps.
- These unlicensed entities harass people by charging high interest rates.
- The central bank announced strict legal action against illegal lenders.
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Bangladesh Bank has warned the public not to fall into the trap of illegal loans offered by unauthorized organizations and mobile apps. The central bank stated that these entities are operating without government licenses, charging high interest rates, and harassing customers.
Recently, reports of fraud have emerged involving unauthorized cooperative societies, NGOs, and online apps offering loans across the country. Bangladesh Bank clarified that no entity can run a lending business without approval from the central bank or other government authorities.
In an urgent notice, Bangladesh Bank stated that legal action will be taken against any organization operating a lending business without a valid license. The public has been advised to remain vigilant and report such fraudulent activities to the police.
Experts suggest that people are being lured with promises of easy loans. Therefore, it is crucial to verify the license of any institution before borrowing money. Observers believe strict monitoring by the administration is necessary to stop this illegal business.
“Bangladesh Bank's warning against illegal lending is timely. However, issuing warnings is not enough; prompt legal action must be taken against these unauthorized apps and entities on the ground.”
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