Dhani loans mysteriously appear on credit reports of non-borrowers

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Unaccounted outstanding loans from Dhani Loans and Services Ltd (formerly known as Indiabulls Consumer Finance Ltd) have started to mysteriously appear in the credit histories of many people, who claim they never borrowed from the lender in line.

According to complaints from borrowers who report instances of large-scale identity theft, these loans were apparently taken over the past six months through fraudulent customer information where only the permanent account number (PAN) was identified. turned out to be genuine. Some affected borrowers have now contacted cyber crime authorities and the Reserve Bank of India (RBI) for redress.

Mint spoke to several people who said they had no idea how the loans were tied to their PAN numbers. While one of them said that his problem was solved a day ago, others have not yet found a solution.

“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.

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.

Two separate Dhani loans have become part of Tripathi’s credit history, affecting his credit rating and his ability to borrow in the future.

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.

In another case, Delhi resident Dileep Kumar said he found out in November last year that he had been given a Dhani loan when he had never applied for one. Kumar said he immediately wrote to Dhani’s support team, informing them of the anomaly, and then escalated it to the RBI ombudsman a month later.

Immediately after RBI’s complaint, he received a letter from the lender’s grievance redress team.

“In reference 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” , Dhani’s grievance team said. 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.” He added that he had taken 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 haven’t,” said Kumar, a 32-year-old software engineer.

The company has been slow to onboard new customers over the past month as it wanted to tighten up its processes, a person familiar with the development said, adding that the lender also decided to cancel those loans after verifying complaints. He added that the problem was not limited to Dhani and had affected other fintech lenders as well.

“We have become aware of a few cases 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 one. spokesperson for Dhani Loans and Services in an email response. .

The lender, the spokesperson said, speaks to all complainants and establishes if there has been a case of identity theft, then immediately rectifies their records at the credit bureaus. The statement said that Dhani has provided small transaction finance loans to more than 3.5 million people in the past 12 months and 99.9% have gone to genuine people who have benefited from this offer.

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