India, March 27 -- Fintech company MobiKwik said that an ex-employee of the company defrauded the company of INR 1.26 Cr by altering merchant details.

In an exchange filing, the company said that the ex-employee, Gaurav Sharma, siphoned off the amount from its books during August 2023 to September 2024 period. The misappropriated amount has been provisioned in the company's book of accounts.

MobiKwik said it has filed a complaint in the matter with Gurugram police and the said person is currently in custody.

To fill the gaps, MobiKwik has implemented a slew of corrective measures. These include SSO (single sign on) login with VPN requirement, restricting access to admin portals, hourly alerts to authorised persons for changes in sensit...