MobiKwik confirms financial fraud in Haryana; says no impact on user accounts
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New Delhi (PTI): Fintech firm One MobiKwik Systems on Thursday confirmed that a technical glitch had led to unauthorised payments in and around one district of Haryana last week, and said remedial measures had been taken with financial impact contained and quantified.
The company, in a statement, clarified that the incident did not affect UPI, wallet payments, or user account balances.
"MobiKwik confirms that an isolated technical issue on September 11-12, 2025, led to certain failed transactions being incorrectly marked as successful, resulting in unauthorised payouts to some merchants in and around the Nuh district of Haryana. A few merchants and users from this area exploited this issue to gain undue financial benefit.
"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," it said, adding that no employees, management personnel or insiders were involved in the fraud.
MobiKwik said it has since strengthened monitoring systems and implemented additional control measures.
Legal Enforcement Agency (LEA) has taken proactive steps to put a debit freeze and lien mark all the bank accounts where the unauthorised settlements were credited, the company had said in a regulatory filing.
"Based on preliminary data, as a risk mitigating measure... FIR was lodged for an amount of Rs 40 crore; out of which, the Company has recovered around Rs 14 crore. Thus, the estimated net impact is Rs 26 crore. The Company is taking aggressive collection efforts while pursuing legal course of action to recover the full amount over a period of time," the filing said.
Police said six people have been arrested so far. The accused were identified as Rehan, a resident of Rewasan village in Nuh district; Waqar Yunus, Mohammad Amir and Mohammad Ansar, residents of Kameda village in Nuh; Wasim Akram of Maroda village in Nuh; and Mohammad Sakil of Utawad village in Palwal district.
"During interrogation, the accused revealed that due to some technical glitch in the MobiKwik app, all the transactions done through the app were getting completed successfully irrespective of whether there was any balance in one's bank account or MobiKwik wallet or not. Even after entering the wrong password in the app, the transactions were being completed successfully.
"The accused committed fraud to earn unfair profits. The bank accounts of about 2,500 people in whose accounts the money was transferred were frozen," a Gurugram police spokesperson said.
The accused were produced before a city court on Tuesday, which remanded them in judicial custody, police added.
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India proposes preferential trade agreement with Mexico to deal with high tariffs
New Delhi (PTI): India has proposed a preferential trade agreement (PTA) with Mexico to help domestic exporters deal with the steep tariffs announced by the South American country, a top government official said on Monday.
Mexico has decided to impose steep import tariffs - ranging from about 5 per cent to as high as 50 per cent on a wide range of goods (about 1,463 tariff lines) from countries that do not have free trade agreements with Mexico, including India, China, South Korea, Thailand and Indonesia.
Commerce Secretary Rajesh Agrawal said that India has engaged with the country on the issue.
"Technical level talks are on...The only fast way forward is to try to get a preferential trade agreement (PTA) because an FTA (free trade agreement) will take a lot of time. So we are trying to see what can be a good way forward," he told reporters here.
While in an FTA two trading partners either significantly reduce or eliminate import duties on maximum number of goods traded between them, in a PTA, duties are cut or removed on a limited number of products.
Trading partners of Mexico cannot file a compliant against the decision on imposing high tariffs as they are WTO (World Trade Organisation) compatible.
The duties are within their bound rates, he said, adding that their primary target was not India.
"We have proposed a PTA because its a WTO-compatible way forward... we can do a PTA and try to get concessions that are required for Indian supply chains and similarly offer them concessions where they have export interests in India," Agrawal said.
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Citing support for local production and correction of trade imbalances, Mexico has approved an increase in MFN (most favoured nation) import tariffs (5-50 per cent) with effect from January 1, 2026 on 1,455 tariff lines (or product categories) within the WTO framework, targeting non-FTA partners.
Preliminary estimates suggest that this affects India's around USD 2 billion exports to Mexico particularly -- automobile, two-wheelers, auto parts, textiles, iron and steel, plastics, leather and footwear.
The measure is also aimed at curbing Chinese imports.
India-Mexico merchandise trade totalled USD 8.74 billion in 2024, with exports USD 5.73 billion, imports USD 3.01 billion, and a trade surplus of USD 2.72 billion.
The government has been continuously and comprehensively assessing Mexico's tariff revisions since the issue emerged, engaging stakeholders, safeguarding the interests of Indian exporters, and pursuing constructive dialogue to ensure a stable trade environment benefiting businesses and consumers in both countries.
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Federation of Indian Export Organisations (FIEO) Director General Ajay Sahai has said that Mexico's decision is a matter of concern, particularly for sectors like automobiles and auto components, machinery, electrical and electronics, organic chemicals, pharmaceuticals, textiles, and plastics.
"Such steep duties will erode our competitiveness and risk, disrupting supply chains that have taken years to develop," Sahai said, adding that this development also underlines the little urgency for India and Mexico to fast-track a comprehensive trade agreement.
Domestic auto component manufacturers will face enhanced cost pressures with Mexico hiking duties on Indian imports, according to industry body ACMA.
