India, May 22 -- Bengaluru Police have reportedly registered FIRs against fintech firms Mobikwik and Lendbox regarding alleged investor cheating and misuse of funds via their P2P lending platform Mobikwik Xtra.

As per a report by The Indian Express, the complaints were filed in Bengaluru's Varthur against Transactree Technologies Pvt Ltd and One MobiKwik Systems Ltd. Complainants alleged that the firms promised fixed-deposit-like returns and easy withdrawals, but failed to return the invested sums.

One complaint, filed on May 14 by Arjeet Singh Benchhor, claimed the complainant had invested Rs.4 Lakh on Mobikwik Xtra, but the sum remained blocked and could not be withdrawn. The complainant alleged that the platform had diverted investor...