Fraudsters Use PAN Numbers to Commit Loan Fraud at Indiabulls’ Fintech Arm

Many clients’ PANs were exploited by fraudsters to get rapid loans from Dhani Loans and Services Limited, formerly known as Indiabulls Consumer Finance Limited, a non-deposit taking NBFC registered with the Reserve Bank of India and a 100 percent subsidiary of Dhani Services Limited.

Anyone can apply for financing worth up to Rs 5 lakh using the app. A portion of the money is sent to a digital card that can be used for online transactions right away. A physical card that may be used at point-of-sale terminals can also be obtained for a cost.

Many users rushed to social media on Tuesday to express their dissatisfaction with their credit reports, which showed loans they had taken out with IVL Finance Ltd, which eventually became Indiabulls Consumer Finance. Individuals’ PAN numbers were used by fraudsters to obtain loans.

While the credit report revealed that the loan was disbursed by IVL Finance to a certain PAN number, one of the fraud victims claimed that the cell number and address provided for the purpose were inaccurate.

According to a Dhani spokeswoman, the company is speaking with all of the complainants to see if this is a case of identity theft. If this is the case, they will instantly correct their credit bureau data.

“Every day, the digital and internet ecosystems evolve, and the industry has been plagued by individuals attempting to swindle both us companies and naive citizens.” While there are numerous incidents of fraudsters taking advantage of people who inadvertently exchange credentials and OTPs, cases of identity theft are on the rise as well. As a result, our risk management and technology teams have been working overtime to establish more robust systems to keep such actions at bay,” the statement stated.

“Through numerous data-fields, we’ve integrated with G-defence, a worldwide security platform, to further re-verify each device against a specific client and PAN.” This will put an end to the sporadic occurrences of identity theft,” said the spokeswoman.

Dhani Loans and Services has also increased its customer service team to 6,500 employees to handle consumer issues.

“In the last 12 months, Dhani has issued modest transaction finance loans to over 3.5 million people, with 99.9% of them going to genuine people who have profited from our offering.” “On our Fintech platform, we will leave no stone unturned to limit any chance of identity theft,” the representative stated.