Fino Payments Bank CEO Arrested in GST Probe, Finance Minister to Review
Rishi Gupta, the Managing Director and Chief Executive Officer of Fino Payments Bank, was arrested on Friday by the Directorate General of GST Intelligence (DGGI) in Hyderabad. The arrest was made under the provisions of the Central GST (CGST) and State GST (SGST) Acts in connection with an investigation into alleged tax evasion. The case is reportedly linked to a substantial amount, with one source mentioning a Rs 3,000 crore GST evasion probe. Fino Payments Bank issued clarifications following the arrest, stating that no other bank officials are involved and that the investigation has 'presently no impact' on its daily operations. The bank emphasized that it is cooperating fully with authorities and suggested that the probe pertains to an 'issue with a business partner' rather than the bank's own GST compliance. Chief Financial Officer Ketan Merchant has taken over the interim charge of day-to-day operations. The arrest has sparked concerns about potential overreach by tax authorities, prompting prominent businessman TV Mohandas Pai to raise the issue publicly. In response, Finance Minister Nirmala Sitharaman announced on Saturday that she would examine the allegations of overreach. This high-level intervention indicates the significance of the case and suggests a review of the actions taken by the GST authorities.
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Sources
Fino Payments Bank CEO Rishi Gupta arrested in GST probe amid financial strain| Business News
The HT Business Desk provides ... global financial markets. Based in Mumbai and New Delhi, the team tracks everything from Sensex and Nifty movements to the latest from India Inc., trade deals, and macroeconomic policy. We aim to empower readers with timely, fact-checked news that clarifies ...
Fino Payments Bank के MD ऋषि गुप्ता गिरफ्तार, GST कानून के उल्लंघन का है आरोप; क्या गिरेगा शेयर? - tax authorities have arrested fino payments bank md and ceo rishi gupta for violating the law related to gst | Moneycontrol Hindi
Fino Payments Bank सभी जरूरी जानकारी देने के लिए अधिकारियों के साथ सहयोग कर रहा है। बैंक ने साफ किया कि बैंक का कोई भी अधिकारी ...
How Fino Payments Bank MD & CEO Rishi Gupta can be arrested for ‘issue with business partner’? FM Nirmala Sitharaman promises review - News | ET Now
Rishi Gupta, Managing Director and CEO of Fino Payments Bank, was arrested under the CGST and SGST Acts. The bank clarified that the investigation involves a business partner, not its GST compliance, and that it is taking steps to resolve the matter. CFO Ketan Merchant will handle day-to-day ...
SEE ALL NEWSLETTERS Children Elections ... Search for topics, people, articles... India World Movies Sport Data Health Opinion Science Entertainment Premium ... In a stern action, Rishi Gupta, Managing Director & CEO of Fino Payments Bank Ltd, has been arrested under the provisions of the CGST ...
GST overreach? FM Sitharaman to look into Fino Payments Bank chief's arrest - The Times of India
Mumbai: Finance minister Nirmala Sitharaman on Saturday said she would look into allegations of overreach by GST authorities after businessman TV Mohandas Pai raised concerns over the arrest of Fino Payments Bank MD & CEO Rishi Gupta in a Rs 3,000 crore GST evasion case.In a post on X, Pai ...
Sitharaman to examine GST ‘Overreach’ allegations after arrest of Fino Payments Bank CEO, ETGovernment
Finance Minister Nirmala Sitharaman on Saturday said she would examine allegations of possible overreach by GST authorities following concerns raised over the arrest of Rishi Gupta, MD and CEO of Fino Payments Bank.
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