Many users took to social media on Tuesday to express their dissatisfaction with their credit reports, which showed loans they had taken out with IVL Finance Ltd, which later became Indiabulls Consumer Finance.

Many customers’ PANs were used by fraudsters to get instant loans from 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 percent subsidiary of Dhani Services Limited.

Anyone can apply for a credit worth up to Rs 5 lakh using the app. A portion of the money is transferred to a digital card that can be used for online transactions right away. A physical card that can be used at point-of-sale machines can also be obtained for a fee.

Many users took to social media on Tuesday to express their dissatisfaction with their credit reports, which showed loans they had taken out with IVL Finance Ltd, which later became Indiabulls Consumer Finance. Individuals’ PAN numbers were used by fraudsters to obtain loans.

While the credit report indicated that the loan was disbursed by IVL Finance to a specific PAN number, one of the fraud victims claimed that the mobile number and address provided for the purpose were incorrect.

According to a Dhani spokesperson, the company is speaking with all of the complainants to determine if this is a case of identity theft. If this is the case, they will immediately correct their credit bureau records.

“Every day, the digital and tech ecosystems evolve, and the industry has been plagued by individuals attempting to defraud both our companies and unsuspecting citizens.” While there are many cases of fraudsters taking advantage of people who inadvertently share credentials and OTPs, cases of identity theft are on the rise as well. As a result, our risk management and technology teams have been working overtime to build more robust systems to keep such activities at bay,” the spokesperson said.

“Through various data fields, we’ve integrated with G-defence, a global security platform, to further re-verify each device against a specific customer and PAN.” This will put an end to the sporadic incidents of identity theft,” said the spokesperson.

Dhani Loans and Services has also increased its customer service team to 6,500 employees to handle customer issues.

“In the last 12 months, Dhani has given small transaction finance loans to over 3.5 million people, with 99.9% of them going to genuine people who have benefited from this offering.” “On our Fintech platform, we will leave no stone unturned to mitigate any possibility of identity theft,” the spokesperson said.