Special Judge for Trial of Economic Offences Cases Hyderabad has granted bail to Fino Payments Bank’s managing director Rishi Gupta
Gupta’s bail was allowed on execution of personal bond of ₹10 Lakh along with two sureties of the same amount
Gupta has also been asked to deposit his passport and seek prior permission before travelling outside India
Special Judge for Trial of Economic Offences Cases Hyderabad has granted bail to Fino Payments Bank’s managing director Rishi Gupta in connection with an ongoing GST-related investigation.
As per an order from EO EC PC Courts, Hyderabad – CBI, Gupta’s bail was allowed on execution of personal bond of ₹10 Lakh along with two sureties of the same amount.
The court has also imposed certain conditions. Gupta has been asked to deposit his passport and seek prior permission before travelling outside India. In addition, he must appear before the concerned authorities on the first and third Monday of every month between 10 AM and 5 PM until further orders.
Inc42 has reached out to the company for a comment on the latest development. The story would be updated based on their response.
This comes amid an ongoing investigation into alleged GST evasion linked to certain transactions. Notably, two days back, Telangana HC dismissed Gupta’s writ petition for bail.
The Directorate General of GST Intelligence (DGGI) is investigating Gupta for alleged GST evasion linked to merchant transactions. According to the agency, Gupta is among the alleged “masterminds” of a syndicate accused of routing funds tied to illegal online gaming platforms through shell entities and programme managers.
The alleged GST evasion has been pegged at around ₹840 Cr, based on nearly ₹3,000 Cr worth of transactions. Gupta was arrested in late February under provisions of GST law by the Hyderabad unit of the DGGI.
Following the arrest, Fino has maintained that its operations remain stable and unaffected, as the investigation pertains to certain programme managers working with multiple banks. To ensure business continuity, the bank had appointed CFO Ketan Merchant as interim CEO and set up a committee of senior executives and board members to oversee operations.
The fintech player is also in the process of transitioning into a small finance bank after receiving in-principle approval from the Reserve Bank of India in December 2025 and expects to complete the transition within the allotted 18-month timeline.
Shares of Fino Payments Bank ended yesterday’s session 9.99% higher at ₹122.75 on the BSE. Markets were closed for trade today on account of Ram Navami.
Comments are closed.