The arrest of Rishi Gupta, Managing Director and CEO of Fino Payments Bank Ltd, by the Directorate General of GST Intelligence (DGGI) has sparked concern within India’s fintech ecosystem.
Responding to the development, Bipin Preet Singh, founder of MobiKwik, publicly questioned the grounds for the arrest, stating that alleged tax evasion by a third-party vendor should not automatically result in criminal action against the CEO of a regulated financial institution.
Singh described the situation as “very critical,” emphasizing that liability related to a vendor’s GST compliance cannot be directly equated with personal culpability of the head of a regulated entity.