Mumbai Police Books Marcellus Investment Managers CFO For Embezzling Rs 1.18 Crore

The Mumbai Police booked Pankaj Gupta, the chief financial officer of Marcellus Investment Managers Pvt., on Thursday for allegedly syphoning off Rs 1.18 crore from the firm through multiple unauthorised transactions, according to a first information report reviewed by NDTV Profit.

Gupta, 41, was hired by the Andheri East-based Marcellus Investment in 2022 for the position of the chief financial officer. The accused had access to the company's corporate credit cards since he was entrusted with and accountable for managing the company's financial transactions, the FIR showed.

In his complaint, Parimal Deuskar, chief legal advisor of the company, wrote, "During a routine check, the firm’s accounts team noticed some suspicious transactions made by him between December 2024 to July 2025."

The matter was escalated to the company's director Sudhanshu Nahata. After Nahata confronted him, Gupta reportedly confessed to transferring company funds to his personal bank accounts and using corporate credit cards for personal expenses.

"Pankaj Gupta misused both the cards and betrayed the trust of the company and defrauded the company of Rs 1.18 crore. And he used the said amount for his own financial gain. Therefore, it is requested that legal action be taken against Pankaj Gupta," Deuskar said in the report.

A case has been filed against Gupta for cheating and criminal breach of trust under sections 316(4) & 318(4) of the Bharatiya Nyaya Sanhita or BNS.

Gupta allegedly transferred the money from the company’s accounts through over 30 unauthorised transactions. The money was deposited into accounts in various banks, including ICICI, IDFC, Axis and Kotak. He has 16 years of experience in the finance industry, and has previously worked with IDFC Bank and ICICI Bank.

His LinkedIn profile indicates that Gupta is currently looking for roles outside Marcellus.

Marcellus issued a statement following the reports stating the matter is under investigation and assured all stakeholders that this incident has no impact on client investments or their funds.

"Marcellus remains firmly committed to the highest standards of governance, transparency, and ethical conduct. We are extending our full cooperation to the relevant authorities and shall ensure complete regulatory compliance, as we always have," it said.

Marcellus Investment Managers is an investment firm at MIDC, Andheri East, and employs 100 staff members. It runs portfolio management services under its founder and chief investment officer Saurabh Mukherjea.