MobiKwik fraud triggers demand for deeper probe into fintech platforms
A major fraud of around `40 cr raised serious concerns
image for illustrative purpose
New Delhi: A major fraud of around Rs40 crore has raised serious concerns about the safety of fintech platforms after Gurugram Police arrested six people for exploiting a technical glitch in the MobiKwik app.
The incident has triggered calls for a deeper investigation into why such glitches are frequently occurring, putting millions of users at risk. According to police, the glitch in the MobiKwik app allowed transactions to be recorded as successful even when users had insufficient balances in their bank accounts or wallets, or when incorrect passwords were entered. The accused allegedly misused this flaw to transfer money to their bank accounts, causing heavy losses of around Rs40 crore.
Industry experts said the MobiKwik case is not an isolated one. In August, Policybazaar Insurance Brokers Private Limited also lodged a complaint with Gurugram Police after fraudsters impersonated its employees, forged documents, and misused the company’s ID cards and email IDs to cheat customers.
