Bangladesh Bank warns of fraudsters taking money in the name of its 'Udyog' loan programme
Fraud rings are trying to take money from people by promising to arrange loans from the 'Udyog' financing programme, Bangladesh Bank has said, asking everyone to remain extra cautious.
The central bank published the warning in a post on its verified social media page on Thursday (5 November).
The post said Bangladesh Bank had noticed that some people were trying to extract money through bKash and other mobile financial services and other means by luring people with promises of loans under the 'Udyog' programme.
The central bank said all activities of the 'Udyog' programme are conducted following transparency, neutrality and due process. It specially requested everyone to refrain from paying any person or group that guarantees or promises to arrange a loan under the programme.
Bangladesh Bank also said it has no official Facebook page or other official social media page in the name of 'Udyog'. Anyone opening a fake page or account in that name to spread misleading information or carry out fraud will face action under information and communication technology laws and other applicable laws, it said.
The central bank requested everyone to stay alert about such fraudulent activities and not to be influenced by misleading campaigns.
Bangladesh Bank has expanded the special financing programme 'Udyog' to build young people as entrepreneurs and create new employment opportunities.
In the programme's trial phase, applications were taken from 64 upazilas in 8 districts and a total of 18,444 applications were submitted. Applications from young entrepreneurs in the remaining 56 districts have now started; the process that began on 1 November will run until 30 November.
Under the programme, an entrepreneur will receive a maximum of Tk 20 lakh — Tk 10 lakh as a loan and the remaining Tk 10 lakh as a grant — disbursed together in one payment. The grant money will be sourced from commercial banks' corporate social responsibility (CSR) funds.
