Dharminder Singh was banned from operating for three months after Glasgow Council's licensing committee upheld the findings of an inquiry.
It was also claimed he allowed eight passengers into the taxi - even though he was only permitted to carry six.
Mr Singh disputed the claims and said he had charged £11.20 and was paid £18.
In a statement, he said the group had been rowdy and one passenger had called him "Taliban" more than once.
"The girl took my photo and accused me of taking a long route and overcharging," he said.
The committee was shown a statement from the complainant.
It said: "The driver asked for £80 upfront and gave us the option to pay it or get out of the taxi.
"We asked how the fare was so expensive and he couldn't give us an explanation.
"Luckily, we had the money to pay it or we could have been left in Glasgow, lost and in a vulnerable situation."
The passenger also said Mr Singh had dropped them about a mile away from Hampden, despite other taxi passengers being dropped off closer to the venue.
The committee heard that seven witness statements from the other passengers had been read to Mr Singh, which he described as lies.
Following the committee's decision, councillor Frank Docherty said Mr Singh had deliberately attempted to exploit people desperate to get to a concert on time.
"By overloading his cab, the driver also put passenger safety at risk and people who use taxis in Glasgow have a right to expect higher standards than this.
"The committee will always take action against those who fail to meet the standards expected of them."
A taxi driver who charged visitors to Glasgow £80 for a journey of less than three miles to a Beyonce concert has had his licence suspended.