P2P Lending Trap: Is Your ₹4 Lakh at Risk?

Investors who put money into Mobikwik Xtra, a P2P lending product, say they cannot withdraw their funds. Police FIRs have been filed. If you use any P2P lending app promising FD-like returns, here is what you must know right now.

Here's what happened: Bengaluru Police registered FIRs against Mobikwik and Lendbox over alleged blocking of investor withdrawals on their P2P lending platform Mobikwik Xtra.. Investors claim they were promised fixed-deposit-like returns with easy liquidity, but their withdrawal requests have reportedly gone unfulfilled for months.. P2P lending platforms in India are regulated by RBI under the NBFC-P2P framework, which caps individual lender exposure at ₹50 lakh and prohibits guaranteed return promises..

What you should do: Check immediately: Log into any P2P lending platform you use and attempt a test withdrawal — delays or errors are red flags requiring urgent action.. Verify RBI registration: Visit rbi.org.in and confirm your P2P platform holds a valid NBFC-P2P certificate of registration before adding any more funds.. File a complaint: If you cannot withdraw your money, report it to RBI's SACHET portal (sachet.rbi.org.in) and your local cybercrime cell without waiting..

RBI rules strictly ban P2P platforms from promising fixed or guaranteed returns — any platform offering 'FD-like assured interest' is already violating regulations, which is your first warning sign to exit.