A very shocking incident came to light recently with multiple employees of eKart (Delivery wing of Flipkart) in Mirik, Darjeeling finding that unbeknownst to them, huge amount of loans had been taken out in their name. What’s astounding is that they became victims of data leak, identity theft and fraud, not by any fraudulent “phone-scam” or “Nigerian Prince” type scam. The data, it turns out was used by their employer eKart to take out loan without informing the victims. We are fearful that what happened in Mirik is just the tip of the iceberg, and there is every possibility that the company’s extent of financial misappropriation, if it can be called that, or straight out financial fraud, may in fact be far wider. Involvement of App-based loan companies KarmaLife and InnoFin in this whole murky business exposes the dirty underbelly of FinTech start-ups, that may be duping thousands of victims, without their knowledge even.