On the arrest of Fino Payments Bank MD Rishi Gupta, the bank says that this matter is not related to the functioning of the bank or tax compliance. This is part of the ongoing investigation against external partner companies. GST Intelligence had arrested Rishi Gupta on 27 February. This is the biggest action ever taken against tax evasion in the country after the ban on online gaming in August 2025. After this news, the bank’s shares fell by 15% on Monday. However, after the bank’s response, the shares closed flat at Rs 190. Transactions worth Rs 3 thousand crores were done through Fino Bank’s gateway. Partner companies provide ‘real money gaming’ services. It is alleged that he has under-reported GST. According to the investigating agencies, after the implementation of the gaming ban in August 2025, transactions worth about Rs 3 thousand crore were routed through Fino Bank’s payment gateway and ‘dummy merchants’. Fino Bank said – Talks about GST liability are wrong. Fino Bank said that whatever talks are being made about GST liability on the bank are completely wrong and baseless. The bank has taken opinion from senior legal advisors in this matter. The management says that it is not right to drag the bank into this ongoing investigation against the partners. There will be no impact on the functioning of the bank. Ketan Merchant has been made the Head of Organization to ensure that the work of the bank continues smoothly in the absence of the CEO. The bank has said that it has prepared protective measures so that the stability and daily operations of the bank are not affected. The management has assured that the financial position of the bank is strong and they are in compliance with the regulatory standards.
Source link
[ad_3]
Bank’s clarification on arrest of Fino Bank CEO: Case of GST evasion of ₹3,000 crore by partner company; Shares recover after falling 15%
