Archive · 17 Sep 2025
MobiKwik Hit by ₹40 Crore Fraud Due to Technical Glitch
MobiKwik, a payment app, lost a lot of money because of a software problem.
A glitch allowed people to take money they weren't supposed to.
They could make transactions even if they didn't have enough money in their accounts, or even use the wrong PIN.
Over ₹40 crore was stolen.
Police have arrested six people and frozen money in about 2,500 accounts.
The company is trying to get the rest of the money back and is also working with the police to find out more.
MobiKwik suffered a ₹40 crore loss due to a technical glitch.
The fraud involved over 5 lakh fraudulent UPI transactions.
A recent software update created a vulnerability in the system.
Six individuals have been arrested in connection with the scam.
Authorities have frozen approximately ₹8 crore in beneficiary accounts.
- Who
- Fraudsters and MobiKwik merchants
- What
- Unauthorized transactions totaling ₹40 crore
- When
- September 11 and 12
- Where
- Across India
- Why
- Software glitch in MobiKwik app
- Event
- MobiKwik fraud
- Loss Amount
- ₹40 crore
- Cause
- Software vulnerability
- Arrests
- 6 individuals
- Funds Recovered
- ₹14 crore
- Accounts Frozen
- 2,500
