Through a stock market filing on Thursday, September 19, fintech platform MobiKwik confirmed a technical glitch on its app that caused the company to lose Rs 40 crore.
“MobiKwik confirms that an isolated technical issue on September 11 and September 12, 2025, led to certain failed transactions being incorrectly marked as successful, resulting in unauthorised payouts to some merchants in and around Nuh district of Haryana. A few merchants and users from this area exploited this issue to gain undue financial benefit,” the company said in a regulatory filing today.
Upon identification in the early hours of September 12, the company immediately took corrective action and resolved the issue within 45 minutes. The total financial impact has been contained and quantified. An FIR has been filed with local authorities, arrests have been made, and over 2,000 merchant bank accounts have been frozen. Active recovery efforts are ongoing, and a portion of the funds has been recovered.
The company also confirmed that this incident did not impact any UPI or Wallet payments or user account balances. Also, no legitimate user or merchant suffered any financial loss, and no customer data or credentials were compromised. This was not a cybersecurity breach but a limited internal processing error, now fully addressed. As this was an internal issue, no banks or financial institutions were affected.
Key things to know about the case
According to the Gurugram police, illegal transactions worth Rs 40 crore occurred in those two days. There were 2,500 bank accounts, and six accused were involved. Nearly 5 lakh transactions took place.
However, all the accused identified as Rehan, Mohammad Sakil, Wakar Yunus, Wasim Akram, Mohammad Amir, and Mohammad Ansar have been arrested from Gurugram on Monday, September 15.
Meanwhile, shares of One Mobikwik Systems were trading at Rs 295.8 each, down 2.02 per cent on BSE today, September 19, at 11.54 AM.
Also Read: Mobikwik shares surge 11% after ADIA sells 2.1% stake in Rs 39 crore block deal
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