Fino Payment Bank CEO's arrest leaves fintech industry worried; Payments Council sends letter to FM

The CEO of Fino Payments Bank, Rishi Gupta, was arrested by the DGGI in connection with a Rs 3,000 crore GST evasion probe involving shell companies and online money gaming. The arrest has sparked concerns within the financial services sector regarding the proportionality of enforcement actions and potential impacts on governance continuity.

Fino Payment Bank CEO's arrest leaves fintech industry worried; Payments Council sends letter to FM
The CEO of Fino Payments Bank, Rishi Gupta, was arrested by the DGGI in connection with a Rs 3,000 crore GST evasion probe involving shell companies and online money gaming. The arrest has sparked concerns within the financial services sector regarding the proportionality of enforcement actions and potential impacts on governance continuity.