Fino Payments Bank Stock Falls 18% on Report of ED Probe Into Gaming Transactions

The shares of Fino Payments Bank tumbled sharply on Monday, ending the session at ₹138.25, down ₹30.47 or 18.06% from the previous close of ₹168.72 on NSE. This came after a report alleged that certain online gaming transactions linked to the bank may come under the Enforcement Directorate’s (ED) radar.

The Economic Times reported on Monday that the Directorate General of Goods and Services Tax Intelligence (DGGI) may soon refer certain online gaming transactions connected to Fino Payments Bank to the ED for investigation, having detected multiple instances of suspected money laundering.

The lender moved quickly to push back, issuing a clarification that it is not currently the subject of any such investigation.

“This is non-factual and speculative. As consistently disclosed, the bank is currently not subject to any investigation by any authority other than the Directorate General of GST Intelligence (“DGGI”), Hyderabad, in connection with this matter,” the lender said.

It also clarified that the ongoing investigation by the DGGI pertains to certain program managers and merchants associated with multiple banks, including the Bank and not to the GST compliance of the Bank itself.

On a clarification regarding court proceedings, the company said that the rejection of bail by the court is a completely incorrect reference in the media article.

"The Bank reiterates that it does not directly or indirectly engage in or promote any gaming or betting activities through any platform, website or

channel," it added.

The bank had previously revealed that its Managing Director and Chief Executive Officer, Rishi Gupta, was arrested on 27 February under the Central Goods and Services Tax Act, 2017 and the State Goods and Services Tax Act, 2017, by the Directorate General of GST Intelligence in Hyderabad.

Despite the turbulence, the bank reported encouraging signs on the deposit front. It announced last week that deposit balances had grown by nearly 9% over the preceding fortnight, hitting an all-time high of approximately Rs 2,900 crore as of March 13, 2026. Customer momentum has also held up, with the bank adding around 1.5 lakh new banking accounts since 27 February — translating to roughly 10,000 new accounts every day.