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In a development that has sent shockwaves through India’s fintech and banking sectors, Rishi Gupta, the Managing Director and CEO of Fino Payments Bank, was arrested in the early hours of February 27, 2026. The arrest, executed by the Directorate General of GST Intelligence (DGGI) at approximately 3:55 AM, pertains to alleged violations of the Goods and Services Tax (GST) Act.

The news triggered an immediate sell-off in the bank’s stock, which plunged 7.50% to close at Rs 192.45 on the Bombay Stock Exchange (BSE). Following the arrest, the bank’s board convened an emergency meeting to stabilize the institution’s leadership.

Allegations of Online Betting and Fake Invoices

The investigation, led by the DGGI’s Hyderabad unit, centers on a massive financial web allegedly involving online betting and the use of fraudulent invoices to evade taxes. According to sources close to the probe, investigators are scrutinizing transactions worth nearly Rs 13,000 crore linked to a broader online betting network.

Specifically, it is alleged that approximately Rs 3,000 crore in funds generated through betting applications were routed through various banking channels and entities. The arrest of Rishi Gupta follows the detention of several other individuals associated with business partners of the bank, including directors of digital solution firms that allegedly facilitated these transactions.

Fino Payments Bank Response and Leadership Shift

In a regulatory filing with the National Stock Exchange (NSE) and BSE, Fino Payments Bank clarified that the investigation is directed toward the actions of its business partners and not the bank’s own internal GST compliance. The bank emphasized that no other officials within the organization are currently under investigation.

To ensure business continuity, the board has appointed Ketan Merchant, the current Chief Financial Officer (CFO), as the “Head of the Organisation.” Merchant will oversee day-to-day operations until Gupta is able to resume his duties or a permanent leadership solution is reached.

“The Bank maintains strong corporate governance standards and a robust compliance framework. We are cooperating fully with the authorities to provide all necessary information,” stated Ketan Merchant in an official release.

Legal Provisions and Ground of Arrest

Gupta has been booked under the following sections of the Central Goods and Services Tax (CGST) and State Goods and Services Tax (SGST) Act, 2017:

Section 132(1)(a): Pertains to the supply of goods or services without an invoice with the intent to evade tax.
Section 132(1)(i): Involves cases where the amount of tax evaded or input tax credit wrongly availed exceeds a specified threshold, making it a cognizable and non-bailable offense.

The timing of the arrest has drawn criticism from some legal circles. Rajesh Narain Gupta, Chairman of law firm SNG and Partners, questioned the necessity of immediate arrests under GST laws, suggesting that such “draconian” provisions could create unnecessary panic within the professional banking community.

Impact on Small Finance Bank Transition

The legal turmoil comes at a delicate juncture for the Navi Mumbai-based lender. In late 2025, Fino Payments Bank received in-principle approval from the Reserve Bank of India (RBI) to transition into a Small Finance Bank (SFB). This conversion is critical for the bank as it would allow the entity to transition from a pure payments model to a full-fledged lending institution.

Industry analysts are now closely watching whether this leadership crisis will affect the final regulatory clearances required for the SFB transition. While the bank reports “no immediate impact” on operations, the halving of net profits in the previous quarter (Q3 FY26) to Rs 12.3 crore has already put the stock under pressure.

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Current Status of Rishi Gupta

Following his arrest, reports surfaced that Rishi Gupta was shifted to a local hospital after complaining of chest pain. DGGI officials are currently awaiting medical clearance before producing him before a jurisdictional court for further proceedings.

As the investigation into the Rs 13,000 crore betting network expands, the financial sector awaits further disclosures regarding the extent of the “business partner” involvement and whether any recovery of the evaded tax amounts is imminent.

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In a move that cements India’s position on the global high-tech manufacturing map, Prime Minister Narendra Modi officially inaugurated Micron Technology’s advanced Semiconductor Assembly, Testing, Marking, and Packaging (ATMP) facility in Sanand today. The ceremony marks the dawn of a new era for the “India Semiconductor Mission” (ISM), signaling the country’s transition from a design powerhouse to a full-scale manufacturing hub.

The facility, established with a total investment of Rs 22,516 crore, represents one of the most significant foreign direct investments in India’s electronics sector. As the Prime Minister pressed the button to commence operations, the facility began commercial production and shipment of the nation’s first “Made-in-India” semiconductor memory modules.

A Strategic Leap for Atmanirbhar Bharat

During his address at the Sanand Industrial Estate, Prime Minister Modi emphasized that this plant is not just about chips, but about national self-reliance. He noted that for decades, India was a major consumer of semiconductors; however, with the operationalization of this facility, the country is now a critical contributor to the global supply chain.

The inauguration follows a rapid construction timeline. The groundbreaking ceremony for the project took place in September 2023, and the facility has moved from soil-turning to production in record time. This speed highlights the “Gati Shakti” approach of the government in fast-tracking strategic investments.

Technical Prowess: Powering the AI Revolution

The Sanand facility is a marvel of modern engineering, featuring one of the world’s largest raised-floor cleanrooms spanning approximately 500,000 square feet. It is specifically designed to meet the skyrocketing global demand for memory and storage, fueled by the rapid expansion of Artificial Intelligence (AI) and high-performance computing.

The plant focuses on transforming advanced DRAM (Dynamic Random Access Memory) and NAND wafers—sourced from Micron’s global network—into finished products. These include:

Solid State Drives (SSDs): High-speed storage for laptops and data centers.
Memory Modules: Essential components for smartphones and enterprise servers.
AI-ready Hardware: Specialized storage solutions that provide the bandwidth necessary for real-time AI processing.

Sanjay Mehrotra, President and CEO of Micron Technology, stated during the event that memory and storage are the “heart and lungs” of the AI revolution. By placing this facility in Gujarat, Micron is positioning itself to serve a global market that is increasingly dependent on high-speed data processing.

Economic Impact and Inclusive Growth

Beyond the technological milestones, the project is a massive engine for local employment. The facility currently employs around 2,000 people, with plans to scale up to 5,000 direct jobs and nearly 15,000 indirect opportunities in the surrounding ecosystem.

Notably, the plant has set a benchmark for social inclusion. A significant number of operators and technicians at the facility are “Divyang” (specially-abled) citizens, reflecting a commitment to building a diverse and skilled workforce that provides opportunities to all sections of society.

The presence of such a high-tech giant has already triggered a secondary industrial boom in Sanand. New infrastructure, including 5-star hotels for visiting delegates and expanded transport networks, is rapidly developing to support the growing semiconductor corridor.

Understanding the ATMP Process

For those unfamiliar with the complexities of chip-making, the ATMP (Assembly, Testing, Marking, and Packaging) stage is the final, critical step before a semiconductor can enter a device.

Assembly: Raw silicon chips (wafers) are cut and placed into protective housing.
Testing: Every chip undergoes rigorous stress tests to check for speed and memory capacity.
Marking and Packaging: Once verified, they are marked with technical data and packaged for global shipment.

With the success of the Micron project, Gujarat is now home to a complete semiconductor lifecycle, ranging from research and design to assembly and testing.

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What Lies Ahead

The inauguration of Phase 1 is just the beginning. Micron has already hinted at a Phase 2 expansion toward the latter half of the decade, which would double the current capacity. With other major players like Tata Electronics and CG Power also setting up units in the region, Gujarat is firmly on its way to becoming the “Silicon Valley of the East.”