IPO-bound Moneyview suffers Rs 49 crore loss in cyberattack
03 Nov 2025, 12:38 PMAn international gang, which was operating from Dubai, China, Hong Kong, and the Philippines, was behind the hacking.
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Moneyview, which is backed by Tiger Global, was hacked that has caused a loss of Rs 49 crore to the fintech company.
The hackers broke into the Application Programming Interface (API) credentials of Moneyview to gain unauthorized access to its banking connections, media reports said. APIs serve as digital bridges enabling applications to interact with financial institutions and data servers.
An international gang, which was operating from Dubai, China, Hong Kong, and the Philippines, was behind the hacking, according to the Central Crime Branch (CCB) in Bengaluru.
The stolen funds were rapidly dispersed across 653 different accounts, mixing legitimate-looking profiles with so-called "mule accounts"—accounts controlled by individuals recruited to move illicit money. The criminals offered modest payments to people willing to withdraw cash, a deliberate strategy to obscure the money trail and complicate investigative efforts.
Bengaluru's cybercrime unit has already apprehended two suspects -- Indians living in Dubai who allegedly recruited hackers from Hong Kong to hack Moneyview.
The cyberattack comes as the digital lender is eyeing an initial public offering (IPO) to raise over $400 million and has reportedly appointed Axis Capital, Kotak Mahindra and others to manage its public offering.
The company, founded in 2014 by Puneet Agarwal and Sanjay Aggarwal, has raised over $230 million till date from investors including Tiger Global, Accel and Ribbit Capital.
Alongside the fintech revolution, digital payment fraud in India has skyrocketed. Between April and January of FY25, Indians lost Rs 4,245 crore to digital fraud across 24 lakh reported cases, according to the Ministry of Finance.
Last month, listed fintech company MobiKwik was hit by a fraud to the tune of Rs 40 crore that was caused by some of its own registered merchants.
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