Telangana HC Dismisses Fino Payments Bank CEO Rishi Gupta's Plea in Online Betting Case

• Telangana High Court dismissed Fino Payments Bank MD & CEO Rishi Nand Kishore Gupta's plea challenging his arrest in an online betting case.
• Gupta was arrested for non-cooperation and allegedly masterminding transactions with shell entities, defrauding Goods and Services Tax (GST).
• Investigation revealed an organized syndicate operating illegal online gaming websites with fintech companies, including Fino Payments Bank.
• Transactions of approximately ₹10,000 crore without proper invoices led to an estimated tax evasion of ₹2,800 crore, with ₹840 crore tax involved in the current case.
• The company allegedly opened bank accounts for shell entities to move money from online gaming without GST payment, and failed to conduct required inspections of merchants.

Key Questions Answered

Why did the Telangana High Court dismiss Rishi Gupta's plea for bail?

The Telangana High Court dismissed Rishi Gupta's bail plea because he did not cooperate with the investigation.

What is the alleged tax evasion amount linked to Fino Payments Bank?

The alleged tax evasion linked to Fino Payments Bank is estimated to be several crores.

How was Fino Payments Bank allegedly involved in illegal online gaming?

Fino Payments Bank is allegedly involved in illegal online gaming through suspected tax evasion of several crores, using shell entities and payment channels to route funds.