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

Fino Payments Bank's Managing Director and CEO, Rishi Gupta, was arrested under the Central and State Goods and Services Tax (CGST and SGST) Acts in connection with an investigation involving certain business partners, not the bank's GST compliance. The Directorate General of GST Intelligence (DGGI) Hyderabad conducted the probe, reportedly related to fake invoices causing government revenue loss. Following Gupta's arrest, CFO Ketan Merchant was appointed interim head to oversee daily operations. The bank is cooperating with authorities and has stated no other officials are implicated.