Loan fraud hits Indiabulls' fintech arm, fraudsters use PAN numbers

On Tuesday, many users took to social media to complain that their credit reports reflected loans taken by them from IVL Finance Ltd which later became Indiabulls Consumer Finance.

Fraudsters used the permanent account numbers (PAN) of many customers to avail instant loans from an app of 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 per cent subsidiary of Dhani Services Limited.

Anybody can obtain credit of upto Rs 5 lakh by applying through the app. A portion of the amount in disbursed instantly to a digital card which can be used for online transactions. A physical card can also be obtained by paying a fee and can be used at point-of-sale