Home / Business and Economy / ED Probes GST Evasion via Fino Payments Bank
ED Probes GST Evasion via Fino Payments Bank
16 Mar
Summary
- ED may investigate GST evasion related to online gaming transactions.
- Fino Payments Bank CEO Rishi Gupta was arrested recently.
- DGGI Hyderabad is currently probing alleged GST evasion of crores.
The Enforcement Directorate (ED) is expected to launch an investigation into alleged Goods and Services Tax (GST) evasion linked to online gaming transactions. These transactions are believed to have been processed via Fino Payments Bank. The ED's involvement will commence once it receives findings from GST authorities. This development comes shortly after the arrest of Fino Payments Bank CEO Rishi Gupta, who is reportedly connected to the case.
The Directorate General of GST Intelligence (DGGI) in Hyderabad is presently conducting its own probe into the matter. Initial findings suggest a potential GST evasion totaling several crores. Investigators have reportedly uncovered a network of shell and non-existent entities used to funnel funds generated from online money gaming activities through complex, layered transactions to conceal their origin.
Authorities are scrutinizing financial flows, digital transaction trails, and the roles of various intermediaries involved. Fino Payments Bank has stated that the ongoing GST investigation is directed at a program manager associated with multiple banks, not the bank itself, asserting that neither the institution nor its officials are involved in the alleged misconduct. The bank does not anticipate any financial liability from the current GST investigation.
