Fino Payments Bank’s Managing Director and CEO, Rishi Gupta, was arrested on Friday under the CGST and SGST Acts as per an exchange filing. The arrest was made on February 27, 2026, under specific sections of the Acts.
Gupta’s arrest took place earlier in the day, with the bank clarifying that the action was carried out under the Central Goods and Services Tax (CGST) and State Goods and Services Tax (SGST) laws. Following the arrest, a special Board Meeting appointed Ketan Merchant, the Bank’s Chief Financial Officer, as the Head of the Organization to oversee daily operations until Gupta’s return or a board decision.
The investigation is focused on certain business partners of the bank, not on the bank’s GST compliance. Fino Payments Bank is cooperating with authorities to provide all necessary information and has informed the RBI about the situation. The bank assured that there is currently no impact, but any future developments will be disclosed as required.
