Fino Payments Bank CEO Arrested in GST Probe Involving Business Partners; CFO Named Interim Head

Fino Payments Bank CEO Rishi Gupta was arrested under Sections 132(1)(a) and 132(1)(i) of the CGST and SGST Acts in connection with a GST investigation involving the bank's business partners, not its own compliance. The Directorate General of GST Intelligence is probing alleged GST evasion linked to banned online money gaming and use of shell companies. Following Gupta's arrest, CFO Ketan Merchant was appointed interim head. The bank and industry bodies emphasize cooperation with authorities and note no current impact on operations. Finance Minister Nirmala Sitharaman has acknowledged the issue and will review it, while some industry voices express concern over enforcement powers and governance continuity.