Fino Payments Bank on Friday said its Managing Director and Chief Executive Officer(CEO) Rishi Gupta has been arrested under provisions of the CGST and SGST Acts.
According to an exchange filing, Gupta was arrested earlier in the day. The action has been taken under the Central Goods and Services Tax (CGST) and State Goods and Services Tax (SGST) laws.
The bank clarified that the investigation relates to certain business partners of the bank.
Following Gupta’s arrest, Chief Financial Officer Ketan Merchant has been appointed as the Head of the Organisation, the filing added.
The development was disclosed through an official communication to stock exchanges. Further details regarding the nature of the investigation were not immediately available.
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