What's publicly known about Mobikwik Xtra

2022

Mobikwik Xtra launches with "anytime withdrawal" promises

Mobikwik began offering "Xtra", marketed with two key promises: "up to 14% p.a." returns (like a fixed deposit) and "anytime withdrawal" on demand, with a minimum investment of ₹10,000. Mobikwik acted as the distribution/marketing partner; the actual lending was structured through Lendbox (Transactree Technologies Pvt Ltd), an RBI-registered NBFC-P2P.

16 August 2024

RBI clarifies P2P guidelines (Mobikwik violated them)

The Reserve Bank of India reaffirmed its P2P NBFC Master Directions, which explicitly prohibit platforms from promoting P2P products as carrying assured returns, deposit-like guarantees, or "anytime withdrawal" features. Mobikwik's marketing of Xtra with these exact promises violated RBI's existing guidelines — these rules were not new. P2P investments carry no deposit insurance and high default risk. Despite these rules, Mobikwik and Lendbox continued marketing Xtra with the forbidden language.

September 2024

"Anytime withdrawals" suspended

Following the regulatory change, Lendbox restructured the Xtra product, suspending the "anytime withdrawal" feature that had let investors pull money out on demand. Users reacted publicly — see Entrackr, Business Outreach, and Infomance. An active investor discussion has continued since on TechnoFino's community forum.

14 May 2026

FIRs filed against Transactree Technologies and Mobikwik

Two investors filed police complaints at Varthur Police Station, Bengaluru, against Transactree Technologies Pvt Ltd and One Mobikwik Systems Ltd:

• Arjeet Singh — ₹4 lakh amount remains stuck.
• Mayank Dey — ₹91,341 of a ₹3 lakh investment reported as blocked.

The complaints allege the platforms promised "anytime withdrawal" and FD-like guaranteed returns, then abruptly blocked all withdrawals without prior notice or consent. Funds were diverted to borrowers who subsequently defaulted or became inactive. The complaints cite provisions of the IT Act, 2000 and the Bharatiya Nyaya Sanhita, 2023 (cheating and dishonest inducement of property delivery). Press coverage of the complaints cites two different aggregate figures compiled by complainant groups: 630+ investors with roughly ₹6 crore collectively invested in one grouping, and separately 420+ investors with roughly ₹5.93 crore in another — reported as claims, not independently audited totals. Sources: Medianama, Inc42.

May 2026

Company response & why it doesn't hold up

Mobikwik made three key claims in their public response. Each one is contradicted by RBI rules or by the data investors themselves have reported:

"Over 90% of borrower repayments have been completed"

This claim is misleading. Repayments to the platform (from borrowers to Lendbox) are not the same as funds being returned to investors. Data self-reported by affected investors to this tracker shows that roughly 30% of total invested amounts remain stuck — meaning approximately ₹1 out of every ₹3 invested has not been returned to the people who put money in. The gap between "borrower repayments collected" and "investor funds returned" points to how the platform managed and disbursed recovered amounts — not whether investors have actually received their money back.

"Mobikwik is only a distribution partner — Lendbox is responsible"

This deflection is not consistent with RBI's Master Directions for NBFC-P2P platforms. Mobikwik did not merely introduce users to Lendbox — it actively marketed Xtra under its own brand, promising "up to 14% p.a." returns and "anytime withdrawal." Under RBI guidelines, any entity marketing or distributing a P2P product bears responsibility for the representations made to investors. Mobikwik cannot benefit from the product and then disclaim liability when those promises collapse.

Three specific RBI rule violations investors should know about

• No investor approval for individual borrowers. RBI's P2P Master Directions require that investors be shown the profile of each borrower their money is being lent to, and that investors explicitly approve each loan before funds are disbursed. Mobikwik Xtra pooled investor money and disbursed it automatically — investors never saw, reviewed, or approved individual borrowers. This is a direct violation of the guidelines.
• NPA disclosure not made public. RBI rules require NBFC-P2P platforms to publicly disclose their Non-Performing Asset (NPA) ratio on their website. With investor-reported data suggesting roughly 30% of funds are stuck or non-recoverable, the platform's NPA is substantial — yet no such disclosure appears on Mobikwik's or Lendbox's website. Investors had no way to assess the true risk of the product.
• Lendbox continues onboarding new investors under a different product. While Mobikwik Xtra is no longer accepting new customers, Lendbox — the same RBI-registered NBFC-P2P entity behind Xtra — continues to onboard new investors through its own platform and products (including "Per Annum" by Lendbox), promising high returns. Existing Xtra investors whose funds remain stuck have not been made whole, yet the same entity is continuing to attract fresh capital. This raises serious concerns about how recovered funds are being prioritised.

Every other P2P platform complied — Mobikwik did not

After RBI tightened P2P lending rules in August 2024, other platforms operating similar products wound down their pooled investment schemes and returned investor funds. Mobikwik and Lendbox did not. Xtra investors' money remains stuck months after every comparable platform completed its wind-down — making Mobikwik's non-compliance an outlier, not an industry-wide issue.

Mobikwik is a publicly listed company reporting crores in profit

One Mobikwik Systems Ltd is a public company listed on Indian stock exchanges, reporting significant profits in its financial disclosures. The company has the financial capacity to make investors whole. The decision not to return stuck funds is therefore a choice, not a consequence of inability to pay. Investors — many of whom put in life savings trusting Mobikwik's brand and "FD-like" promises — are watching the company report profits while their own money remains inaccessible.

The CEO's social media accounts also began blocking investors attempting to raise concerns publicly — a stark contrast to earlier posts explicitly promoting Xtra's "anytime withdrawal" feature. Medianama's reporting questioned whether the pending FIRs were considered in Mobikwik's recent NBFC licence approval from RBI.

2026 (Ongoing)

Court cases & consumer complaints filed across India

Multiple legal actions are now underway:

• Criminal FIRs: Police complaints filed at Bengaluru's Varthur Police Station and other jurisdictions against Mobikwik and Lendbox under IT Act 2000 and Bharatiya Nyaya Sanhita 2023 (cheating, fraud, dishonest inducement).
• Civil court cases: Breach of contract lawsuits filed across multiple state courts seeking recovery of stuck funds and damages.
• Consumer complaints: Complaints filed with consumer protection commissions (National, State, and District levels) in Telangana, Punjab, Kerala, and other states where affected investors reside.
• RBI escalations: Investor groups have approached the Reserve Bank of India's complaint management system citing violations of P2P lending guidelines.

Investor groups continue organizing to consolidate claims and increase pressure for recovery. Thousands of affected investors have joined support groups demanding accountability and full refund of their principal amounts.

Current

Current status

The criminal FIRs are under police investigation. Multiple civil court cases are pending. Investor funds remain blocked with no resolution timeline communicated. This page documents self-reported cases and will be updated as new publicly available information emerges.