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Not evaded any GST dues; did not promote any kind of betting activity:...

Share FacebookTwitterWhatsAppPinterestLinkedinCopy URLTelegramEmailTumblrReddItPrintKoo NEW DELHI, Mar 2: Fino Payments Bank, whose MD and CEO Rishi Gupta was arrested by the Directorate General of GST Intelligence (DGGI) on Monday, said the bank did not evade any GST dues and was compliant with all the regulations. “Investigation by the DGGI was in relation to the program manager(s) associated with multiple banks and not on the GST compliance of the bank itself, and the bank and its officials have nothing to do with the business/actions of the program manager(s) in question,” Fino Payments Bank said in a regulatory filing. DGGI arrested Gupta on Friday for violation of the law related to the Goods and Services Tax.

Not evaded any GST dues; did not promote any  kind of betting activity:...

Credit: Dailyexcelsior

Key Highlights

  • He was “arrested under the provisions of Sections 132(1)(a) and 132(1)(i) of the CGST and SGST Act, 2017.
  • The authority is investigating the use of alleged shell companies and payment aggregators to funnel illicit funds generated by online money gaming.
  • Meanwhile, the bank said, it does not directly or indirectly engage or promote any kind of betting activity through any forum, website, platform or in any form.
  • The bank’s programme manager or merchant onboarding process is in line with the regulatory requirements, and the said due process has been followed, it said.
  • “Onboarding is being done by the concerned business or relevant teams and not the MD & CEO of the bank.
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Sources

  1. Not evaded any GST dues; did not promote any kind of betting activity:...

This quick summary is automatically generated using AI based on reports from multiple news sources. The content has not been reviewed or verified by humans. For complete details, accuracy, and context, please refer to the original published articles.

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