Entrepreneur and investor Anupam Mittal has reacted to the arrest of Fino Payments Bank CEO Rishi Gupta’s arrest for violation of the law related to the Goods and Services Tax.
Taking to X, the Shaadi.com founder wrote, “Don’t know the full story behind Fino Payments CEO, Rishi Gupta’s arrest, but overreach by tax authorities & judiciary are common. I am also fighting baseless FIRs right up to Supreme Court. We must get rid of these onerous provisions and create an enabling environment if we want world-beating companies coming out of [India].”
Don’t know the full story behind fino payments CEO, Rishi Gupta’s arrest, but overreach by tax authorities & judiciary are common. I am also fighting baseless FIRs right up to Supreme Court. @FinMinIndia @nsitharamanoffc We must get rid of these onerous provisions and create an…
— Anupam Mittal (@AnupamMittal) February 28, 2026
Mittal also tagged both the Finance Ministry and Union Finance Minister Nirmala Sitharaman in his post.
What do we know about Rishi Gupta’s arrest?
Gupta was “arrested under the provisions of Sections 132(1)(a) and 132(1)(i) of the CGST and SGST Act, 2017,” Fino Payments Bank said in a regulatory filing, following which Ketan Merchant, Chief Financial Officer of the bank, was appointed as head of the organisation.
The investigation is related to business partner(s) of the bank, and not GST compliance by it, the bank said.
“The bank is cooperating with the authorities to provide all necessary information. Presently, there is no impact on the bank… Any further material development in this regard will be disclosed in due course,” it further said.
Sitharaman to look into the matter
Finance Minister Nirmala Sitharaman on Saturday said she will look into the matter related to the arrest of Gupta. The bank has maintained that Gupta is not connected to the alleged GST-related issue under investigation.
Sitharaman responded to concerns raised on X by Mohandas Pai, former CFO and board member at Infosys. Acknowledging his post, she wrote: “Thanks for sharing this. Will check.”
Pai raised concerns over the arrest of the chief executive of a regulated bank in connection with an issue involving a business associate.
He questioned whether such action constituted regulatory overreach, pointing out that the Finance Ministry has already conferred wide-ranging powers under the GST framework. He also asked what checks and safeguards are in place to prevent possible misuse of these powers and urged the minister to step in and provide clarity on the matter.