World Bank warns of frauds misusing its name in Bangladesh

The World Bank has warned people of Bangladesh of fraud schemes that might misuse its name promising loans in exchange of fees.

The global lender came up with the warning in a statement yesterday in light of recent reports of online loan scams using its name and logo in Bangladesh.

"The World Bank is warning general public of scams offering loans from the World Bank in exchange of fees," it said.

The lender does not provide loans directly to individuals and does not ask for any personal financial information.

Perpetrators have created Facebook pages and are using other techniques to impersonate the World Bank and lure payments using mobile banking.

"The World Bank has no involvement in such schemes, and we would like to caution you to be wary of these and other similar solicitations that falsely claim to be affiliated with the World Bank," the lender said in the statement.