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Bengaluru police bust Rs 12 Cr fraud targeting CRED

EntrackrEntrackr · 1y ago
Bengaluru police bust Rs 12 Cr fraud targeting CRED
Medial

Bengaluru police have arrested four individuals, including an Axis Bank manager, for allegedly embezzling over Rs 12 crore from Dreamplug Paytech Solutions. Dreamplug operates fintech unicorn CRED. According to a Times of India report, the arrested individuals are Vaibhav Pithadiya, an Axis Bank relationship manager based in Rajkot; Parmar Neha Ben Vipulbhai, a banking agent from Surat; Shailesh, an insurance agent from Rajkot; and Shubham, a commission agent from Rajkot. The arrests were made following a complaint by Narasimha Vasanth Sastry, an executive from CRED. The fraud was uncovered on November 12 when Dreamplug executives detected unusual activity in their bank accounts. They found that Rs 12.2 crore had been fraudulently withdrawn from two Axis Bank accounts – a current account and a nodal account opened in 2021. The report added that the fraudsters carried out 37 transactions over 14 days, between October 29 and November 11, transferring Rs 12.2 crore to multiple accounts across the country.

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MobiKwik hit by Rs 40 Cr fraud in Haryana; recovers Rs 14 Cr so far

EntrackrEntrackr · 4m ago
MobiKwik hit by Rs 40 Cr fraud in Haryana; recovers Rs 14 Cr so far
Medial

MobiKwik hit by Rs 40 Cr fraud in Haryana; recovers Rs 14 Cr so far Digital financial services firm MobiKwik has reported a fraud incident involving some of its registered merchants and users from Haryana, who allegedly colluded to claim unauthorized settlements from the company. The company disclosed in a stock exchange filing that the incident occurred between September 11–12, 2025, and an FIR has been lodged for Rs 40 crore. Of this, Rs 14 crore has already been recovered, leaving an estimated net exposure of Rs 26 crore. MobiKwik clarified that none of its employees, key managerial personnel, or insiders were involved in the case. Authorities have already made arrests, and the Legal Enforcement Agency has frozen and lien-marked bank accounts where the unauthorized funds were credited. The Gurugram-headquartered firm said it is taking “aggressive collection efforts” alongside legal action to recover the remaining amount. It added that further material developments will be shared with the exchanges as the police investigation and recovery efforts continue. MobiKwik’s operating revenue fell 21% to Rs 271 crore in Q1 FY26 from Rs 342 crore in Q1 FY25, meanwhile the company’s losses rose over 6X to Rs 42 crore in Q1 FY26 in the same quarter last year.

Cyber Fraud Scheme in Bengaluru How Two Men Defrauded ₹854 Crore from 84 Accounts

Business BytesBusiness Bytes · 2y ago
Cyber Fraud Scheme in Bengaluru How Two Men Defrauded ₹854 Crore from 84 Accounts
Medial

In a shocking cyber fraud scheme, two individuals in Bengaluru masterminded the misappropriation of ₹854 crores from 84 accounts. Targeting victims through messaging platforms like WhatsApp and Telegram, the fraudsters promised daily returns on investments, reeling in unsuspecting victims. The stolen funds were distributed across various platforms, including gaming apps, cryptocurrency transactions, and online casinos. Although the main operators were suspected to be based in Dubai, the Bengaluru Cyber Crime police successfully apprehended the perpetrators and their accomplices. This case underscores the importance of cybersecurity and vigilance against lucrative investment scams.

Kunal Shah’s CRED and Newtap to lead Rs 550 Cr investment in NBFC arm

EntrackrEntrackr · 1y ago
Kunal Shah’s CRED and Newtap to lead Rs 550 Cr investment in NBFC arm
Medial

Non-banking financial company Newtap Finance Private Limited is planning to raise Rs 550 crore (around $64 million) from Newtap Technologies and CRED in the near to medium term. CRED founder Kunal Shah’s Newtap Technologies is the majority shareholder in Newtap Finance (formerly Parfait). According to a press release by India Ratings and Research, during FY22-24, promoters have invested Rs 149 crore in Newtap Finance, with CRED contributing a primary infusion of Rs 35.7 crore to date. Newtap Finance (NFPL) offers personal loans to individuals, with CRED serving as the loan service provider. CRED has a monthly active user base of 12 million and provides a range of services, including credit card payments, UPI transactions, vehicle management, lending, insurance, personal finance management via account aggregator rails, and rewards/deals. Newtap Finance’s loan book lacks seasoning, but CRED pre-approves loans for select users based on their financial behavior. All CRED members qualify with high credit scores, which is a key eligibility criterion for the app. Kunal Shah indirectly owns 76% of Newtap Finance through his fully owned entity, Newtap Technologies, while CRED holds a 23.6% stake. Shah and CRED gained control of Newtap in 2022, but the RBI blocked CRED's bid to raise its stake in 2023. Since then, Newtap has worked to establish itself as an independent NBFC. At the end of December 2024, the total AUM outstanding on Newtap Finance’s platform was Rs 1,141.6 crore, of which Rs 632 crore was on NFPL’s books. NFPL has also partnered with two large lenders—a bank and an NBFC—for co-lending and plans to scale up co-lending in the near term. As of December 2024, CRED had an AUM (assets under management) of Rs 19,000 crore, with an NPA (non-performing asset) of 1.1%, the press release added. During the fiscal year that ended in March 2024, CRED reported a 66% year-on-year growth in its operating revenue to Rs 2,473 crore. Moreover, the operating losses for the Tiger Global-backed company reduced by 41% in the same period.

CRED reports Rs 2,735 Cr revenue in FY25; operating losses fall 51%

EntrackrEntrackr · 7d ago
CRED reports Rs 2,735 Cr revenue in FY25; operating losses fall 51%
Medial

CRED reports Rs 2,735 Cr revenue in FY25; operating losses fall 51% Fintech unicorn CRED reported an operating revenue of Rs 2,735 crore in FY25, a 16% year-on-year increase. At the same time, its operating losses declined 51% to Rs 298 crore in FY25, according to the firm’s press release. CRED’s gross margins stood at around 70% during the year. Despite improvement at the operating level, CRED remained loss-making on a net basis. Its total losses narrowed 11.5% year-on-year to Rs 1,457 crore, which includes non-operating expenses such as ESOPs and depreciation. According to the release, its monthly transacting users (MTUs) rose 14.5% to 1.26 crore, while transaction frequency increased 34% to 14.4 transactions per user per month. Total payment value processed on the platform grew 23% year-on-year to Rs 8.5 lakh crore. Monetisation improved during the year as users adopted multiple products on the platform. Around 45% of active members used three or more products, resulting in average revenue per user (ARPU) of approximately Rs 2,000, the press release added. Lending remained a key revenue contributor in FY25, with managed AUM reaching Rs 22,000 crore. During the year, CRED expanded its portfolio across payments, lending, and personal finance, launching products such as CRED Money, credit score and card management tools, PPI wallet, and CRED Cash+. Its insurance marketplace, CRED Garage, added more insurers, aiding insurance revenue growth. According to TheKredible, CRED has raised more than $1 billion across nine funding rounds, including a $72 million down round led by GIC in May 2025 that cut its valuation to $3.64 billion from $6.4 billion in 2022. As per the company, it’s eyeing full profitability in FY26.

Indonesia arrests over 100 Taiwanese for alleged cyber fraud

Economic TimesEconomic Times · 1y ago
Indonesia arrests over 100 Taiwanese for alleged cyber fraud
Medial

Indonesian police have apprehended over 100 Taiwanese individuals at a villa in Bali for suspected cyber fraud. These arrests highlight the growing concern surrounding cyber fraud groups in Southeast Asia, with authorities in China, Indonesia, and Malaysia intensifying their efforts to combat them. The group was found with numerous electronic devices and is accused of conducting online scams targeting Malaysians. While authorities cannot bring charges against them due to jurisdictional issues, they plan to work closely with relevant agencies, including those in Malaysia. The individuals will be deported after further questioning. Indonesia previously confronted international cyber fraud networks with the help of Chinese authorities.

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