The Managing Director and CEO of Fino Payments Bank, Rishi Gupta, has been arrested by the Directorate General of GST Intelligence (DGGI) in connection with alleged violations under the Goods and Services Tax (GST) Act. Authorities reportedly took action under provisions of the Central GST (CGST) Act and related state laws, citing serious compliance concerns linked to GST filings and transactions involving business partners.
According to officials, the arrest pertains to alleged irregularities in tax documentation and potential evasion involving invoices and financial transactions. While detailed findings of the investigation have not yet been publicly disclosed, sources indicate that the case may involve scrutiny of how GST liabilities were reported and whether there were discrepancies in input tax credit claims or transaction reporting.
Fino Payments Bank has responded by stating that the arrest concerns specific allegations under investigation and that the bank’s operations continue as usual. The Board has appointed the Chief Financial Officer as interim head to ensure smooth functioning and maintain operational stability. The bank also clarified that no other senior officials have been named in the case so far.
The development has drawn significant attention in the banking and fintech sectors, highlighting the increasing enforcement of GST regulations across financial institutions. As the investigation progresses, further details are expected to emerge regarding the nature of the alleged violations and the potential legal and financial implications for those involved news as reported.
