Rishi Gupta, the Managing Director and CEO of Fino Payments Bank, has been arrested in connection with an alleged tax evasion case involving approximately ₹840 Crores. The Telangana High Court has dismissed Gupta’s writ petition seeking bail, marking a significant development in this ongoing investigation.

Gupta’s arrest stems from accusations that he masterminded transactions with shell entities, which are believed to have routed around ₹3,000 Crores linked to illegal online gaming platforms. He has been in judicial custody since late February 2026, as the Directorate General of GST Intelligence continues its probe into the matter.

In response to Gupta’s arrest, Fino Payments Bank appointed Ketan Merchant as interim CEO for a maximum of four months. Despite the turmoil surrounding Gupta, the bank has stated that its operations remain stable and uninterrupted, with a daily addition of approximately 10,000 CASA accounts.

However, the impact of Gupta’s arrest is evident in the financial markets. Fino Payments Bank’s shares have plummeted nearly 28% since the news broke, closing at ₹139.50, down from a 52-week high of ₹135.2. This decline raises concerns about investor confidence and the bank’s future stability.

Gupta’s plea to declare his arrest unlawful claimed it was arbitrary and violative of fundamental rights under the Constitution of India. “Declare the arrest of the Petitioner… to be arbitrary, illegal, highhanded and violative of Articles 14, 19, 21 and 22 of the Constitution of India,” Gupta stated in his petition.

Fino Payments Bank has acknowledged the court’s order dismissing Gupta’s petition and emphasized its commitment to engaging constructively with regulators and stakeholders. “The Bank shall continue to engage constructively with regulators and stakeholders and shall make appropriate disclosures in accordance with applicable laws and regulatory requirements,” the bank stated.

Ketan Merchant, the interim CEO, has also distanced the bank from the allegations against Gupta, asserting, “The Bank and its MD & CEO Rishi Gupta have nothing to do with the actions of the programme managers.” This statement aims to reassure stakeholders amid the ongoing scrutiny.

As the investigation unfolds, observers are keenly watching how Fino Payments Bank navigates this crisis and whether Gupta’s legal challenges will impact the bank’s trajectory in the long term. Details remain unconfirmed about the full extent of the allegations and their implications for the bank’s operations.

The post Rishi Gupta’s Arrest: A Major Setback for Fino Payments Bank appeared first on bangalinews.

On March 9, 2026, the Hyderabad Development Authority (HYDRAA) demolished a compound wall at Praneeth Antilia, a residential layout in Bachupally, Hyderabad. This wall had been blocking a crucial 40-foot road that connects Mallampet and Bachupally, significantly impacting local traffic.

The demolition was executed under police protection, following directives from the Telangana High Court. A.V. Ranganath, a spokesperson for HYDRAA, stated, “The action was taken following directions from the High Court.” The decision to remove the wall aimed to alleviate traffic congestion that had intensified after the opening of Exit 4 on the Outer Ring Road.

Prior to the demolition, residents faced an 8-kilometer commute, which has now been reduced to just 3 kilometers. This change is expected to benefit thousands of residents in the surrounding areas. Ranganath emphasized the importance of the road access, saying, “Removing the compound wall and opening the road would help ease traffic congestion and benefit thousands of residents in the surrounding areas.”

Despite these benefits, the demolition has not been without controversy. Residents of Praneeth Antilia have protested against the action, claiming it compromises their safety. They argue that for the past 12 years, they have enjoyed the benefits of living in what functioned as a gated community, despite the layout being sanctioned as a group housing project, not a gated community. Ranganath noted, “Praneeth Antilia is not a Gated Community as per HMDA approved plan.”

HYDRAA had previously demolished the same compound wall on June 24, 2025, following complaints about road blockage. The authority issued notices to remove the wall after receiving multiple complaints from residents about the obstruction. The Hyderabad Metropolitan Development Authority (HMDA) has since begun laying a BT road along the cleared stretch, further indicating the importance of this route for local traffic.

Observers note that the restoration of this road access is crucial for residents of multiple colonies in the area, who will benefit from the reduced travel distance. However, the protests highlight a significant divide between the authority’s urban planning objectives and the residents’ concerns for safety and community integrity.

As the situation unfolds, the long-term implications of this demolition on community dynamics and traffic patterns remain to be seen. Details remain unconfirmed regarding any further actions from HYDRAA or the residents’ next steps in their ongoing protests.

The post Praneeth Antilia Wall Demolition: A Controversial Move in Bachupally appeared first on bangalinews.

On March 9, 2026, the Hyderabad Development Authority (HYDRAA) demolished a compound wall at Praneeth Antilia, a residential layout in Bachupally, Hyderabad. This action was taken under police protection and followed directives from the Telangana High Court. The wall had been blocking a crucial 40-foot road that connects Mallampet and Bachupally, significantly impacting local traffic patterns.

The demolition has reduced the commuting distance for residents from 8 kilometers to just 3 kilometers, a change that is expected to ease traffic congestion in the area. A.V. Ranganath, a representative from HYDRAA, noted, “Removing the compound wall and opening the road would help ease traffic congestion and benefit thousands of residents in the surrounding areas.” This alteration comes after complaints regarding road blockage prompted the authority to take action.

Historically, residents of Praneeth Antilia have lived in what functioned as a gated community for over a decade, enjoying benefits typically associated with such living arrangements. However, according to Ranganath, “Praneeth Antilia is not a Gated Community as per HMDA approved plan.” This distinction has become a focal point of contention among residents who protested against the demolition, citing safety concerns and the loss of their community’s exclusivity.

The compound wall was previously demolished by HYDRAA on June 24, 2025, indicating an ongoing struggle over the status and management of the area. Following the recent demolition, the Hyderabad Metropolitan Development Authority (HMDA) has begun laying a BT road along the cleared stretch, further indicating the authority’s commitment to improving infrastructure in the region.

Residents have expressed mixed feelings about the changes. While some welcome the reduced commuting distance, others fear that the removal of the wall compromises their safety. Ranganath acknowledged the historical context, stating, “For the past 12 years, this layout residents were enjoying the benefits of a gated community, despite theirs being a normal group housing layout.” This sentiment reflects the complexities of community identity in urban settings.

The opening of Exit 4 on the Outer Ring Road has also contributed to increased traffic congestion in the area, making the road access even more vital for local residents. The ongoing developments and changes in Praneeth Antilia have drawn attention from various stakeholders, including local authorities and community members.

As the situation unfolds, the long-term implications of the wall’s demolition remain to be seen. Observers are keenly watching how these changes will affect the community dynamics and traffic patterns in the area. Details remain unconfirmed regarding any further actions that may be taken by HYDRAA or local authorities in response to the residents’ concerns.

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