Fino Payments Bank CEO Rishi Gupta Arrested Under GST Provisions; CFO Named Interim Head

Fino Payments Bank's Managing Director and CEO, Rishi Gupta, was arrested under Sections 132(1)(a) and 132(1)(i) of the CGST and SGST Acts in connection with an investigation involving the bank's business partners, not its own GST compliance. Following his arrest, CFO Ketan Merchant was appointed interim head to oversee daily operations. The bank stated it is cooperating with authorities and that no other officials are implicated. The case reportedly involves alleged fake invoices causing government revenue loss, and the bank's shares declined following the news.