MobiKwik hit by Rs 40 Cr fraud in Haryana; recovers Rs 14 Cr so far

Digital financial services firm MobiKwik has reported a fraud incident involving some of its registered merchants and users from Haryana, who allegedly colluded to claim unauthorized settlements from the company.

The company disclosed in a stock exchange filing that the incident occurred between September 11–12, 2025, and an FIR has been lodged for Rs 40 crore. Of this, Rs 14 crore has already been recovered, leaving an estimated net exposure of Rs 26 crore.

MobiKwik clarified that none of its employees, key managerial personnel, or insiders were involved in the case. Authorities have already made arrests, and the Legal Enforcement Agency has frozen and lien-marked bank accounts where the unauthorized funds were credited.

The Gurugram-headquartered firm said it is taking “aggressive collection efforts” alongside legal action to recover the remaining amount. It added that further material developments will be shared with the exchanges as the police investigation and recovery efforts continue.

MobiKwik’s operating revenue fell 21% to Rs 271 crore in Q1 FY26 from Rs 342 crore in Q1 FY25, meanwhile the company’s losses rose over 6X to Rs 42 crore in Q1 FY26 in the same quarter last year.