New Delhi, Feb 27 (IANS) Fino Payments Bank on Friday said in an exchange filing that its Managing Director and Chief Executive Officer (CEO), Rishi Gupta, has been arrested under provisions of the CGST and SGST Acts.

The exchange filing said that an “arrest has been made of Mr. Rishi Gupta, Managing Director (MD and CEO) of Fino Payments Bank Limited (Bank) under the provisions of section 132(1)(a) and 132(1) (i) of CGST and SGST Act, 2017, respectively on February 27, 2026.”

According to the filing, Gupta was arrested earlier in the day.

The action has been taken under the Central Goods and Services Tax (CGST) and State Goods and Services Tax (SGST) laws.

A special Board Meeting was convened wherein, Ketan Merchant, Chief Financial Officer of the Bank was appointed as a Head of the Organization by the Board to carry on and oversee the day-to-day operations of the Bank in absence of Rishi Gupta, until otherwise resolved by the Board or till Gupta resumes office, whichever is earlier, the filing further said.

The bank clarified that the investigation relates to certain business partners of the bank.

“Investigation is relating to business partner(s) of the Bank and not relating to the GST compliance of the Bank. The Bank is co-operating with the authorities to provide all the necessary information,” it further said.

“Presently there is no impact on the Bank. In case of any impact in the future, appropriate disclosure will be made to the stock exchanges,” said the Bank, adding that “the said information has been disclosed to the RBI”.

The matter remains under review. Any further material development in this regard will be disclosed in due course, said the Bank.

—IANS

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