Fino Payments Bank’s managing director, Rishi Gupta, has been granted bail by the Special Judge for Trial of Economic Offences Cases Hyderabad in connection with an ongoing GST-related investigation. The bail was allowed on the execution of a personal bond of ₹10 Lakh along with two sureties of the same amount. Gupta has been instructed to deposit his passport and obtain prior permission before travelling outside India. Additionally, he must appear before the authorities on specific dates until further notice.
The investigation involves alleged GST evasion linked to merchant transactions, with Gupta being investigated for his role in routing funds related to illegal online gaming platforms through shell entities and programme managers. The Directorate General of GST Intelligence estimates the evasion at around ₹840 Cr based on transactions worth nearly ₹3,000 Cr.
Despite Gupta’s arrest in February, Fino Payments Bank has assured that its operations remain stable and unaffected as the investigation primarily concerns programme managers associated with multiple banks.
Source: Inc42 Media