Mobikwik swindled by merchants and users in Haryana for 'unauthorized settlements' worth Rs 40 crore

The enforcement authorities have taken proactive steps to put a debit-freeze on involved accounts, and lien mark all bank accounts where unauthorized settlements were credited.

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26 Aug, 2025 12:21

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Digital banking platform Mobikwik has reported an incident involving collusion between some 'registered merchants and users' in Haryana to claim 'unauthorized settlements' worth Rs 40 crore from the company, following which an FIR was filed and arrests were made, and the company has initiated steps to recover the amount, an exchange filing has said.

Shares of the company were under selling pressure, down nearly 3 percent after the incident was reported.

"Based on preliminary data, as a risk mitigating measure, the FIR was lodged for an amount of INR 40 crores; out of which, the Company has recovered around INR 14 crore. Thus, the estimated net impact is INR 26 crores," Mobikwik said in the filing.

The enforcement authorities have taken proactive steps to put a debit-freeze on involved accounts, and lien mark all bank accounts where unauthorized settlements were credited. The management said it is 'actively recovering' the unauthorized settled amounts from the affected customers. The incident took place between September 11-12, 2025.

"...since the police investigation and the recovery efforts have just started it is not yet possible to ascertain the impact," Mobikwik said, adding that all possible and necessary efforts are being to recover the amount. None of the employees or insiders were involved in the incident, according to Mobikwik.