Fino Payments Bank CEO Rishi Gupta has been granted bail by the Special Judge for Economic Offences, Namapally, Hyderabad, sources say. Gupta has been asked to submit personal bail bond of Rs 10 lakh and two sureties of similar amount, they say.
Gupta’s earlier bail petition was dismissed by the Telangana High Court on March 23. According to the bail conditions, Gupta has been asked to deposit his passport with the court and has been directed to coordinate with investigative agencies on a bi-monthly basis.
Gupta was arrested by the Directorate General of GST Intelligence, Telangana division, in February for alleged GST evasion. The bank subsequently appointed CFO Ketan Merchant as interim CEO.
Despite Gupta’s arrest, Fino Payments Bank said it recorded highest-ever deposit balance of Rs 2900 crore in March.
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