One MobikWik Ex-employee Misappropriates Funds To The Tune Of Rs 1.3 Crore
While the company has filed a complaint with the relevant police station of Gurugram and the ex-employee is currently in custody, MobikWik has taken several corrective measures
An ex-employee of recently listed One MobikWik Systems Limited misappropriated up to Rs 1.26 crore of the company's funds by altering merchant details, the company informed bourses in an exchange filing.
The company said that the impacted amount has been provisioned in the books of its accounts.
This development had taken place between August 2023 and September 2024 and an ex-employee of the company named Gaurav Sharma was involved in the same, the company said.
While the company has filed a complaint with the relevant police station of Gurugram and the ex-employee is currently in custody, MobikWik has taken several corrective measures .
The corrective measures include implementation of single sign-on login with two-factor authentication for login; access to the admin portals has been significantly restricted.
Hourly alerts to authorised persons for changes in sensitive fields, including bank account details, have been established. A separate wallet for every business segment has been established for close monitoring of the merchant incentive payouts.
Further, an additional reconciliation process has been implemented for payouts and unused merchant incentive amounts are reversed from the respective wallets.
This has come as One Mobikwik Systems Ltd., the parent company of the fintech platform, MobiKwik, closed its initial public offering in December last year. The company raised Rs 572 crore from investors in the primary market.
On Monday, Executive Director, Chairperson and Chief Financial Officer Upasana Taku told NDTV Profit that the company plans to expand its product portfolio distribution network to drive profitability and revenue growth.
Taku emphasised the opportunities in India's digital transaction sector, stating that MobiKwik aims to capitalise on them through innovations like Pocket UPI and co-branded credit cards. Currently, the company serves 170 million users and 5 million merchants.
MobiKwik, the company's flagship application, provides consumers access to various payment options and financial products in digital credit, investments, and insurance. It was founded by Bipin Preet Singh and Upasana Taku.
