GST Evasion Scandal: Fino Payments Bank Under Scrutiny
The DGGI is probing Fino Payments Bank for alleged GST evasion linked to shell companies and payment aggregators used in banned online money gaming. Arrests have been made, including the managing director and CEO, Rishi Gupta, as the investigation uncovers GST violations worth several crores.
- Country:
- India
The Directorate General of GST Intelligence (DGGI) is conducting an in-depth investigation into Fino Payments Bank over allegations of GST evasion connected to banned online money gaming activities. Sources on Saturday confirmed the involvement of shell companies and payment aggregators in funneling illicit funds.
A senior functionary from the bank has been implicated and placed under arrest as part of the ongoing inquiry. On Friday, the bank announced the arrest of its managing director and CEO, Rishi Gupta, over violations related to the Goods and Services Tax (GST) law.
The investigation highlights the evasion of GST amounting to several crores through numerous shell and non-existent entities. Gupta's arrest falls under Sections 132(1)(a) and 132(1)(i) of the CGST and SGST Act, 2017, as the case continues to unfold.
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