Fino Payments Bank CEO arrested over ₹3,000cr GST evasion
Business
Rishi Gupta, CEO of Fino Payments Bank, was arrested on 27 February 2026 over alleged GST evasion of ₹3,000 crore.
Authorities say the case involves fake invoices and wrongful tax credits through business partners and program managers linked to online money gaming.
If found guilty under current laws, Gupta could face up to five years in jail.
Gupta's arrest prompts industry concerns, FM agrees to look into
After Gupta's arrest, Fino named CFO Ketan Merchant as interim head to keep things running smoothly.
The bank clarified it's not accused of tax fraud itself—just its partners are under investigation.
Meanwhile, industry groups are urging the government for fairer enforcement, and Finance Minister Nirmala Sitharaman has agreed to look into concerns about possible overreach by tax authorities.