The Gurugram Police have announced the uncovering of a significant financial fraud, with alleged illegal transactions totaling Rs 40 crore and leading to the freezing of 2,500 bank accounts. Six individuals were arrested in Gurugram on Monday in connection with the scheme. The accused are alleged to have exploited a technical glitch within the MobiKwik fintech application.
According to police statements, the company reported suspicious activity following an internal audit conducted on September 12. The identified vulnerability in the app reportedly caused failed transactions to be falsely recorded as successful, resulting in funds being credited to registered merchant accounts. This mechanism was then allegedly used to illegally transfer money into personal bank accounts, leading to financial losses for MobiKwik and illicit gains for the individuals involved.
Source: indianexpress.com