Fino Payments Bank CEO Arrested in GST Fraud Probe
Fino Payments Bank is facing a significant leadership crisis following the arrest of its Managing Director and CEO, Rishi Gupta. Authorities apprehended Gupta on Friday under sections 132(1)(a) of the Central GST Act and 132(1)(i) of the state GST Act, indicating serious alleged violations related to Goods and Services Tax. According to sources familiar with the investigation, the arrest is linked to a probe by the Directorate General of GST Intelligence. Initial findings suggest the payments bank may have been involved in moving illicit funds originating from online money gaming operations. The alleged scheme reportedly involved the use of shell companies and payment aggregators to facilitate these transactions. In response, Fino Payments Bank's board convened a special meeting to ensure operational continuity. Chief Financial Officer Ketan Merchant has been appointed as the interim head to oversee day-to-day operations. The bank has informed the stock exchanges that it is taking active measures to address the situation and has assured stakeholders that the arrest currently has no impact on the bank's functions. Gupta's arrest comes just months after the board re-appointed him for another three-year term in December 2025.
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Sources
Fino Payments Bank used shell cos, payment aggregators to move illicit funds from online money gaming: Sources - The Economic Times
GST authorities have arrested its managing director and CEO Rishi Gupta for violating the law related to the Goods and Services Tax (GST), Fino Payments Bank had said on Friday. Sources in the know of the case said that the initial investigation by the Directorate General of GST Intelligence ...
In December 2025, the payments ... its board had re-appointed Rishi Gupta as Managing Director and CEO for another three-year term. But by evening, CFO Ketan Merchant had been designated to run the bank. And, Gupta had been arrested under Sections 132(1)(a) and 132(1)(i) ...
Who Is Rishi Gupta? Fino Payments Bank CEO Held After 'Steering Bank To Profit In 3 Yrs Post Launch' | Here's Why
Stay updated with all the latest ... analysis, expert opinions, and real-time updates. Also Download the News18 App to stay updated.Next Photogallery ... Who Is Rishi Gupta? Fino Payments Bank CEO Held After 'Steering Bank To Profit In 3 Yrs Post Launch' | Here's ...
Fino Payments Bank MD and CEO Rishi Gupta arrested; CFO Ketan Merchant takes charge - CNBC TV18
HomeMarket NewsStocks NewsFino Payments Bank MD and CEO Rishi Gupta arrested; CFO Ketan Merchant takes charge · By Jomy Jos Pullokaran February 27, 2026, 11:41:05 PM IST (Updated) ... Fino Payments Bank Ltd on Friday (February 27) said its Managing Director and CEO, Rishi Gupta, has been arrested ...
Fino Payments Bank used shell cos, payment aggregators to move illicit funds from online money gaming: Report
HomeBusiness NewsFino Payments Bank used shell cos, payment aggregators to move illicit funds from online money gaming: Report ... GST authorities have arrested its managing director and CEO Rishi Gupta for violating the law related to the Goods and Services Tax (GST), Fino Payments Bank had ...
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