{"id":777039277,"date":"2026-03-17T09:32:17","date_gmt":"2026-03-17T12:32:17","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=777039277"},"modified":"2026-04-21T13:26:32","modified_gmt":"2026-04-21T16:26:32","slug":"fino-payments-bank-denies-ed-probe-claims-over-gaming-transactions","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/fino-payments-bank-denies-ed-probe-claims-over-gaming-transactions","title":{"rendered":"India’s Fino Payments Bank denies probe into gaming transactions"},"content":{"rendered":"\n

The company has reiterated that it has no direct or indirect involvement in gaming or betting activities through any platform.<\/p>\n\n\n\n\n\n\n\n

India.- The digital payments provider Fino Payments Bank<\/strong> has denied claims that it is under investigation by India’s Enforcement Directorate (ED) <\/strong>or any other authority for alleged financial irregularities linked to gambling. It issued the statement in response to speculation that the ED could be called upon by the Directorate General of GST Intelligence (DGGI)<\/strong> to investigate alleged online gaming transactions on suspicion of money laundering.<\/p>\n\n\n\n

Fino said it is currently being investigated only by the DGGI\u2019s Hyderabad office<\/strong> on specific GST-related concerns not related to its own compliance. This probe involves certain programme managers and merchants linked to several banks, it said.<\/p>\n\n\n\n

The company reiterated that it has no direct or indirect involvement in gambling through any platform, and emphasised its commitment to high standards of governance, regulatory compliance, and transparency. It said it continues to fully cooperate with the relevant authorities.<\/p>\n\n\n\n

CEO Rishi Gupta<\/strong> was arrested earlier this month<\/a> for alleged violations of the CGST and SGST Act. Recent reports had suggested that Gupta\u2019s bail request was refused, but Fino stated: \u201cRejection of bail by the court is completely incorrect, as referenced in the media article.\u201d<\/p>\n\n\n\n

In the meantime, Fino Payments Bank has appointed Ketan Merchant<\/strong>, its chief financial officer, as interim chief executive officer.<\/p>\n\n\n

\n\t\t\tSee also:<\/span><\/p>\n
\n\t\t\t\t\"\"<\/p>\n

\n\t\t\t\t\tSee also:<\/span> Fino Payments Bank CEO arrested in India in alleged betting-linked GST evasion case<\/a>\n\t\t\t\t<\/p>\n<\/p>\n<\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"

The company has reiterated that it has no direct or indirect involvement in gaming or betting activities through any platform.<\/p>\n","protected":false},"author":2395,"featured_media":12797,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Fino Payments Bank has denied being investigated by India's Enforcement Directorate for alleged gambling-linked financial irregularities, clarifying it faces a GST-related probe by the DGGI concerning specific program managers and merchants. The bank reiterated its non-involvement in gaming activities and commitment to compliance, amidst the arrest of its CEO, Rishi Gupta, and the subsequent appointment of Ketan Merchant as interim CEO.","focusai_entities":"Fino Payments Bank, Enforcement Directorate (ED), Directorate General of GST Intelligence (DGGI), Rishi Gupta, Ketan Merchant","focusai_location":"India, Hyderabad","focusai_target_profile":"ceo_executive (0.9), regulator (1.0), compliance_legal (1.0), operator_casino (0.7), payments_fraud_aml (1.0), investor_analyst (0.9), supplier_vendor (0.7), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Fino's GST Probe Details?","query":"What specific GST-related concerns are being investigated by the DGGI's Hyderabad office, and what is the potential financial exposure for Fino Payments Bank?"},{"label":"Interim CEO's Compliance Strategy?","query":"How will the interim CEO, Ketan Merchant, address the ongoing regulatory scrutiny and reinforce Fino Payments Bank's governance frameworks to mitigate future compliance risks?"}],"footnotes":""},"categories":[163,16334],"tags":[58],"class_list":["post-777039277","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance-news","category-south-asia-news","tag-india"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777039277","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/2395"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=777039277"}],"version-history":[{"count":6,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777039277\/revisions"}],"predecessor-version":[{"id":777039288,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777039277\/revisions\/777039288"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/12797"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=777039277"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=777039277"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=777039277"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}