India, Sept. 18 -- Update | September 18, 20:30 IST

A couple of days after reporting that it had fallen prey to a financial fraud to the tune of INR 40 Cr, fintech company MobiKwik informed the bourses that the mishappening arose from a "limited internal processing error" not a cybersecurity breach.

The incident at MobiKwik led to certain failed transactions being incorrectly marked as successful, resulting in unauthorised payouts to some merchants in and around Haryana's Nuh district.

Further, the company said that it took immediate corrective action and resolved the issue within 45 minutes. Following the incident, the company filed a first incident report (FIR) with local authorities and froze 2,000 merchant bank accounts.

"As this ...