Fino Payments Bank CEO arrested in online gaming tax evasion
Rishi Gupta, the CEO of Fino Payments Bank, was arrested on February 27 under GST provisions that include offenses involving wrongful refunds or input tax credit exceeding ₹5 crore.
Authorities say illegal activities included fake invoices and wrongful tax credit claims, with the investigation also digging into shell companies and payment aggregators tied to online gaming money.
Probe focuses on 3rd-party program managers, says bank
Fino Payments Bank says it isn't involved in any wrongdoing and that the probe is focused on third-party program managers.
After Gupta's arrest, CFO Ketan Merchant has stepped in as interim head.
The bank assures customers that its services are running as usual, while industry leaders have asked Finance Minister Nirmala Sitharaman to look into how this could impact India's financial ecosystem.