Diversion of pan? Indiabulls’ app Dhani gave loans to foreigners ‘without consent’, users claim

Several users have taken to Twitter over the past few days to raise concerns that their personal financial information is being misused by unknown third parties to apply for loans on the Dhani Loans and Services platform owned by India bulls.

several people complained they discovered that their PAN details were being used by strangers to avail loans through Dhani, and are now facing show cause notices. Some said they were shocked to see their credit reports listing loans they had never used as defaults.

Complainants say PAN details were 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 and my name, addresses in Uttar Pradesh and Bihar. I have no idea. How can a disbursement occur on my name and PAN. Already in default.
Another Twitter user Pranesh noted, “Someone is using loan using my Aadhar and PAN details. I did not receive any communication or OTP from Dhani. Today your person visited my house as he could not get in touch with the number recorded when applying for the loan.
“Someone got a loan using my PAN details. I did not receive any communication or OTP from Dhani. I found this in my credit report, the scammer is somewhere from Delhi. registered cell phone is also fake,” wrote another user Niraj Mehta.

Dhani confirms cases, says action being taken

Dhani confirmed the developments when contacted by CNBC-TV18 and said he immediately took action on it.

“There have been a few instances where unscrupulous people used other people’s PAN details to take out loans through the fintech operation on the app,” a spokesperson or Dhani said.

Dhani told CNBC-TV18 that he speaks to all complainants and establishes if it was a case of identity theft, then immediately rectifies their records at the credit bureaus.

“We have integrated G-defence, which is a global security platform to double-check each device against a specific client and PAN through various data fields. This will put an end to these errant incidents of identity theft,” said he declared.

The company strengthens its customer service team to solve the problem

Dhani also said it has increased its customer service team to 6,500 people to deal with customer issues and launched a special menu on its helpline IVR to immediately resolve such past cases.

“Dhani has provided small transaction finance loans to over 35,000 people in the past 12 months and 99.9% have gone to genuine people who have benefited from this offer. We will spare no effort to mitigate any possibility impersonation on our fintech platform,” reads the statement sent to CNBC-TV18.

“Digital and technology ecosystems are evolving, and the industry has faced individuals attempting to defraud both businesses and unsuspecting citizens. Although there are many cases of fraudsters taking advantage of people who mistakenly share credentials and OTPs of their own volition, instances of identity theft are also on the rise, so our risk management and technology teams have been overstretched, constantly building more robust systems to try to keep such activities at bay. We are taking all necessary steps to completely eliminate such behavior by fraudulent individuals,” the statement read.

About Dhani owned by Indiabulls

Dhani Loans and Services, formerly Indiabulls Consumer Finance Limited, is a non-bank non-depository finance company registered with the Reserve Bank. It is a wholly owned subsidiary of Dhani Services Limited.

“Dhani is a completely online personal loan processing offering that provides customers with money directly to their bank accounts. In addition to personal loans, DLSL also caters to small and medium-sized businesses by offering business and other loans,” the company’s website states.

The company advertises that it can make personal loans “almost instantly” using only PAN cards and proof of address as documents.

“Your personal loan application, sanction and subsequent disbursement is almost instantaneous. All you need is a PAN card and proof of address. Now, through a quick and hassle-free process, your personal loan will be disbursed straight to your bank account, instantly,” the website says.

Dhani app has more than 5 crore downloads on Google play store.

(Edited by : Amrita Das)

First post: STI

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