DGGI alleges Fino Bank MD failed to provide info in online gaming probe

Hyderabad: The Directorate General of GST Intelligence (DGGI) on Saturday brought Fino Payments Bank CEO and MD Rishi Gupta to Hyderabad, alleging that he and the bank failed to furnish key information and documents despite repeated reminders and summons, leading to his arrest.DGGI Hyderabad is probing an alleged international online gaming syndicate involving transactions of over Rs 13,000 crore. Gupta was arrested in Mumbai on Friday and produced before a local court, which granted transit remand for 72 hours. He was brought to Hyderabad on Saturday evening and is likely to be produced before a local court here. The agency is verifying Gupta's role in transactions linked to other accused persons in the online gaming syndicate. Sources said officials are also examining his foreign visits as part of the investigation. According to DGGI, Fino Bank had availed the services of Adsum Advisory Services Private Limited. Its director was earlier arrested and sent to judicial custody in the same case for allegedly carrying out fraudulent KYC verification of shell entities and merchants involved in routing money connected to online gaming. Citing non-compliance with summons, DGGI said it initiated a search operation under section 67 of the GST Act, 2017, on Feb 26 at the bank's registered office in Mumbai. Officers obstructedDuring the search, employees of Fino Bank, allegedly acting on the instructions of its CEO/MD, obstructed officers in the discharge of their duties. The staff reportedly blocked GST officers, refused to cooperate and denied access to data available in the bank's systems. The investigation further found that programme managers and partners of Fino Bank, including PSRao Digital Solutions Private Ltd, Billexpress Solutions Private Ltd and Powerfin Technology Pvt Ltd, were reportedly non-functional and dummy entities.