Unaccounted outstanding loans from Dhani Loans and Services Ltd have started to mysteriously appear in the credit histories of many people who claim never to have borrowed from the online lender, which was previously known as Indiabulls Consumer Finance ltd.
These loans were apparently taken over the last six months using stolen customer details where only the Permanent Account Number (PAN) was found to be genuine, with complaints from borrowers alleging large scale identity theft. ladder. Some affected individuals have now contacted cybercrime authorities and the Reserve Bank of India (RBI) alleging fraud.
Several people Mint spoke to said they had no idea how the loans were tied to their PANs. One person said their issue was resolved a day ago, but others haven’t seen a solution yet.
“I have noticed that my credit rating has been steadily declining since November 2021. Further review of the loan details revealed that two loans from IVL Finance were wrongly assigned to me,” said Surya Tripathi, a 30-year-old employee of a pharmaceutical company in Gorakhpur. , Uttar Pradesh. Two separate Dhani loans are now part of Tripathi’s credit history, affecting his credit rating and ability to borrow.
Credit scoring is the process of assessing the creditworthiness of a potential borrower. Experts recommend that consumers check their credit score regularly, at least quarterly. Indiabulls Consumer Finance Ltd was previously called IVL Finance Ltd. Dhani is an entirely online personal loan offering, providing customers with money directly to their bank accounts, according to its website.
Dileep Kumar, a 32-year-old software engineer from Delhi, discovered in November last year that he had been wrongly awarded a Dhani loan when he had never applied for it.
Kumar said he immediately wrote to Dhani’s support team, informing them of the anomaly, and then escalated it to the Reserve Bank of India (RBI) ombudsman a month later. Immediately after RBI’s complaint, he received a letter from the lender’s grievance redress team. “In regards to your RBI complaint, we would like to inform you that, pursuant to the preliminary investigation, it has been observed that your KYC documents have been tampered with and misused to qualify for a loan facility from our company. “, said the email Dhani. team sent on January 13.
Mint saw a copy of the mail. The company also said it was “not a party to the alleged act” and that it had “duly followed prescribed operating guidelines and regulations in the conduct of its business.” Dhani said he took steps to remove the loan reference from Kumar’s credit reporting company records. “So far it has been removed from one credit reporting company’s report, while others have not yet,” Kumar said.
The company has been slow to bring in new customers over the past month as it wanted to tighten up its processes, a person familiar with the development said. The lender also decided to cancel these loans after verifying the claims. The problem is not limited to Dhani and has affected other fintech lenders as well, the person quoted above said. “A few cases have come to our attention where unscrupulous people have used other people’s PAN and therefore credit bureau credentials to take out a loan through the fintech operation on the app,” said a spokesperson for Dhani Loans and Services in an email response.
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