2 months ago
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In a stern action, Rishi Gupta, Managing Director & CEO of Fino Payments Bank Ltd, has been arrested nether the provisions of the CGST and SGST Act.
“Investigation is relating to concern partner(s) of the Bank and not relating to the GST compliance of the Bank,” the slope said successful a filing with banal exchanges.
Further, successful this respect a peculiar Board Meeting was convened soon aft the apprehension wherein Ketan Merchant, Chief Financial Officer of the Bank was appointed arsenic a Head of the Organization by the Board to transportation connected and he volition oversee the day-to-day operations of the Bank successful lack of Rishi Gupta oregon until different resolved by the Board oregon till Mr. Rishi Gupta resumes office, whichever is earlier.
The Bank said it is co-operating with the authorities to supply each the indispensable information.
“Presently determination is nary interaction connected the Bank. The apprehension has been done lone successful respect of Rishi Gupta, MD & CEO of the Bank. None of the Bank officials are involved, this is probe relating to the concern partner(s) of the Bank and officials of the Bank are cooperating with the investigation,” the slope said successful the filing.
The accusation relating to the apprehension has been disclosed to the RBI.
In a statement, Ketan Merchant, Chief Financial Officer, Fino Payments Bank said “Further to our banal speech disclosure dated February 27, 2026, the Bank wishes to pass that we person beardown firm governance, compliance model and robust processes successful place. As a regulated entity, we are compliant with each the laws, including GST. “
“The contented is with regards to a GST probe pertaining to our concern partner(s). The Bank and its MD & CEO Rishi Gupta person thing to bash with the actions of the concern partner(s),” helium said.
“We person afloat religion successful the country’s judiciary and volition proceed to widen afloat practice and assistance to the authorities successful the on-going process,” helium said.
“We would similar to further guarantee our customers, investors and each our stakeholders that our concern operations volition proceed uninterrupted and determination volition beryllium nary interaction connected our services. We basal committed to present connected our lawsuit centricity,” helium added.
