Fino Payments Bank CEO arrested in ₹3,000 crore GST scam
Business
Rishi Gupta, CEO of Fino Payments Bank, was arrested on Friday, February 27, 2026 for allegedly being part of a huge ₹3,000 crore GST evasion linked to online money gaming.
Investigators say shell companies and dummy managers were used to hide transactions from illegal betting.
Gupta's bail hearing pending; bank names interim CEO
Gupta is still in custody as the case moves forward, with the Telangana High Court yet to decide on his bail.
Fino Payments Bank says it isn't directly involved and that the probe focuses on third-party managers.
They've named CFO Ketan Merchant as interim CEO and assured customers that banking operations won't be affected.
Meanwhile, the Payments Council of India has asked for fair treatment so innocent parties aren't dragged into the mess.