The company has reiterated that it has no direct or indirect involvement in gaming or betting activities through any platform.
India.- The digital payments provider Fino Payments Bank has denied claims that it is under investigation by India’s Enforcement Directorate (ED) or any other authority for alleged financial irregularities linked to gambling. It issued the statement in response to speculation that the ED could be called upon by the Directorate General of GST Intelligence (DGGI) to investigate alleged online gaming transactions on suspicion of money laundering.
Fino said it is currently being investigated only by the DGGI’s Hyderabad office on specific GST-related concerns not related to its own compliance. This probe involves certain programme managers and merchants linked to several banks, it said.
The company reiterated that it has no direct or indirect involvement in gambling through any platform, and emphasised its commitment to high standards of governance, regulatory compliance, and transparency. It said it continues to fully cooperate with the relevant authorities.
CEO Rishi Gupta was arrested earlier this month for alleged violations of the CGST and SGST Act. Recent reports had suggested that Gupta’s bail request was refused, but Fino stated: “Rejection of bail by the court is completely incorrect, as referenced in the media article.”
In the meantime, Fino Payments Bank has appointed Ketan Merchant, its chief financial officer, as interim chief executive officer.
The company has reiterated that it has no direct or indirect involvement in gaming or betting activities through any platform. India.- The digital payments provider Fino Payments Bank has denied claims that it is under investigation by India’s Enforcement Directorate (ED) or any other authority for alleged financial irregularities linked to gambling. It issued the…
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