Digital financial services firm MobiKwik has reported a fraud incident involving some of its registered merchants and users in Haryana, who allegedly colluded to claim unauthorised settlements from the company.
In a stock exchange filing, MobiKwik stated that the incident occurred between September 11 and 12, 2025, and an FIR has been lodged for Rs 40 crore. So far, Rs 14 crore has been recovered, leaving an estimated net exposure of Rs 26 crore.
The company emphasised that none of its employees, key managerial personnel, or insiders were involved. Authorities have already made arrests, and the Legal Enforcement Agency has frozen and lien-marked the bank accounts where the unauthorised funds were credited.
MobiKwik said it is pursuing “aggressive collection efforts” alongside legal action to recover the remaining amount. The company added that any further material developments will be shared with the exchanges as the police investigation and recovery efforts continue.
In financial updates, MobiKwik reported that its operating revenue fell 21 per cent to Rs 271 crore in Q1 FY26, compared with Rs 342 crore in Q1 FY25. Meanwhile, the company’s losses increased more than sixfold, rising to Rs 42 crore in Q1 FY26 from the same quarter last year.
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