Telangana HC dismisses Fino Bank MD and CEO Rishi Gupta's bail plea
23 Mar 2026, 10:35 PMAfter multiple adjournments, a division bench comprising Chief Justice Aparesh Kumar Singh and Justice G.M. Mohiuddin dismissed the writ petition filed by Gupta.
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The Telangana High Court on Monday dismissed a writ petition filed by Fino Payments Bank Managing Director and CEO Rishi Gupta, who had sought to challenge his arrest and secure bail in an alleged tax evasion case.
Gupta was arrested on February 27, 2026, by the Directorate General of GST Intelligence (DGGI). On March 2, he moved the High Court, arguing that his arrest was unlawful and in violation of constitutional protections.
After multiple adjournments, a division bench comprising Chief Justice Aparesh Kumar Singh and Justice G.M. Mohiuddin, on March 23, dismissed the petition.
In his plea, Gupta had sought a writ of mandamus declaring the action of the authorities as "arbitrary, illegal, highhanded and violative of Articles 14, 19, 21, and 222 of the Constitution of India."
He also challenged the remand order dated March 1, 2026, passed by the Special Judge for Trial of Economic Offences in Hyderabad, calling it illegal and seeking consequential release on bail.
Gupta was arrested by the DGGI in late February under provisions of the GST law. Following his arrest, the bank appointed CFO Ketan Merchant as interim CEO to oversee day-to-day operations.
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