The bank was named in a probe examining the alleged routing of betting transactions through banking channels.
India.- The Hyderabad unit of the Directorate General of GST Intelligence (DGGI) has arrested Rishi Gupta, managing director and CEO of Fino Payments Bank, over an alleged Goods and Services Tax (GST) evasion linked to online betting. The bank was named in a probe examining the alleged routing of around Rs3,000 crore (US$327.1m) in betting app transactions through banking channels.
The investigation is part of a wider case involving about Rs13,000 (US$1.4bn) crore reportedly channelled via a network of financial companies connected to betting apps, including Wegofin Digital Solutions Private Ltd and PSRao Digital Solutions Private Ltd.
According to police sources, Gupta was apprehended in Mumbai early Friday morning at 3.55am and taken into custody for questioning under sections of the CGST and SGST Act. He was later transferred to JJ Hospital after complaining of chest pain. The DGGI now awaits medical clearance before producing him in the jurisdictional court for further proceedings.
In a filing, Fino Payments Bank has said the matter involves certain business partners and is unrelated to its GST compliance. It stated that none of its personnel are involved and that operations remain unaffected. It said it is cooperating with authorities and will disclose any significant developments.
The bank also convened a special board meeting and delegated chief financial officer Ketan Merchant to oversee daily operations until Gupta either returns or the situation is resolved.
The bank was named in a probe examining the alleged routing of betting transactions through banking channels. India.- The Hyderabad unit of the Directorate General of GST Intelligence (DGGI) has arrested Rishi Gupta, managing director and CEO of Fino Payments Bank, over an alleged Goods and Services Tax (GST) evasion linked to online betting. The…
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