Fino MD Gupta arrested over forged KYC in PMAY loan
Source: the-ken.com
- Fino Paytech's co-founder and MD Rishi Gupta was arrested by Mumbai Police for alleged forgery in a customer's KYC documents.
- Gupta used his own photo but another person's details to create a PMAY loan account, claiming it was a test.
- The arrest highlights risks in digital lending platforms' KYC processes amid rising fraud concerns.
Mumbai Police arrested Rishi Gupta, managing director of digital lending platform Fino Paytech, over allegations of forging KYC documents for a customer's Pradhan Mantri Awas Yojana (PMAY) loan account. Gupta allegedly used his photo with someone else's details, which surfaced during a police probe into loan fraud. The case underscores vulnerabilities in fintech KYC practices, where executives' involvement in such lapses can erode trust and trigger stricter regulations.