Home / Business and Economy / Fino Bank CEO Arrested: GST Probe Focuses on Program Managers
Fino Bank CEO Arrested: GST Probe Focuses on Program Managers
28 Feb
Summary
- Fino Payments Bank CEO arrested in GST violations probe.
- Bank states CEO and bank had no role in program managers' actions.
- Finance Minister Nirmala Sitharaman will review the issue.
Fino Payments Bank has stated that its Managing Director and CEO, Rishi Gupta, and the bank itself are not involved in the alleged GST violations that led to Gupta's arrest. The investigation reportedly concerns certain program managers who work with multiple banks, including Fino Payments Bank.
In a statement, Fino Payments Bank's chief financial officer emphasized that the bank and its CEO have no connection to the program managers' actions. They expressed confidence in the judicial system and pledged full cooperation with the authorities.
The bank assured its customers, investors, and stakeholders that business operations will proceed without interruption and that services will not be affected. This assurance comes as Finance Minister Nirmala Sitharaman indicated she would review the issue.
The arrest has sparked discussion, with prominent industry figures questioning the legality of arresting a regulated bank's CEO over a partner's alleged misconduct. Fino Payments Bank recently received RBI approval to reappoint Gupta for another three-year term.
