US EditionFino Payments Bank MD and CEO Rishi Gupta Arrested Under GST Act; CFO Ketan Merchant Assumes Charge
Rishi Gupta was arrested in a GST probe linked to the bank's business partners while Fino Payments Bank officials cooperate, the bank said.
- On February 28, 2026, Rishi Gupta, Managing Director & CEO of Fino Payments Bank Ltd, was arrested under the CGST and SGST Act.
- According to filings, the GST investigation concerns the bank's business partner, with investigators saying the probe targets external partner of the bank.
- Fino said it is compliant with all laws, including GST, and the bank and its MD & CEO have nothing to do with partners' actions.
- The bank disclosed the arrest to the RBI in its filing, and Ketan Merchant, Chief Financial Officer, Fino Payments Bank, said it will extend full cooperation and has faith in the judiciary.
- The bank assured stakeholders operations will continue uninterrupted and remains committed to delivering on customer centricity for customers, investors and stakeholders.
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Fino Payments Bank CEO Arrest Sparks Industry Shockwave
Fino Payments Bank's CEO Rishi Gupta was arrested for alleged GST law violations. Following his arrest, CFO Ketan Merchant was appointed to manage operations. The bank states Gupta's arrest relates to business partners, not its GST compliance. This incident has raised discussions about stringent GST provisions.
Fino Payments Bank MD and CEO Rishi Gupta arrested under GST Act; CFO Ketan Merchant assumes charge
Fino Payments Bank CEO Rishi Gupta was arrested under the provisions of the CGST and SGST Act. The bank has clarified that the investigation concerns business partners, not GST compliance, and that no officials are implicated. Details here.
Fino Bank CEO Rishi Gupta arrested under GST acts
Fino Payments Bank's Managing Director and CEO, Rishi Gupta, was arrested under CGST and SGST Acts. The bank clarified the investigation involves a business partner, not its GST compliance, and is taking steps to resolve the issue. CFO Ketan Merchant will lead daily operations.
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