After Mumbai Police filed a case against Marcellus Investment Managers’ CFO Pankaj Gupta for allegedly siphoning off Rs 1.18 crore through unauthorised transactions, the company issued an official statement. Founder and CEO Saurabh Mukherjea clarified that no client money was compromised, adding that the irregular transactions were limited to the firm’s corporate credit accounts.
‘No client investments or funds involved’
“We wanted to update you that, through our team’s vigilance and controls, Marcellus identified and filed an FIR on September 25 against our ex-CFO for unauthorised transactions carried out through Marcellus’s Corporate Bank Account and Corporate Credit Card,” the CEO said in a video statement shared on X (formerly Twitter).
He added, “We unequivocally state that no client investments or funds were involved in this incident. Clients’ assets and monies are distinctly maintained with regulated custodians and remain completely separate from the company’s corporate account.”
He further said, “Safeguarding the trust and confidence of our clients and stakeholders is of utmost importance to us. Marcellus remains firmly committed to the highest standards of governance, transparency, and ethical conduct. We are following up with the authorities to pursue the necessary legal recourse.”
We wanted to update you that, through our team’s vigilance and controls, Marcellus identified and filed an FIR on September 25 against our ex-CFO for unauthorized transactions carried out through Marcellus’s Corporate Bank Account and Corporate Credit Card.
— Marcellus Investment Managers (@MarcellusInvest) September 27, 2025
We unequivocally… pic.twitter.com/Gvz5ppr77f
Gupta carried out 30 questionable transactions
An NDTV Profit report revealed that the issue surfaced during a routine audit earlier this year. Between December 2024 and July 2025, Gupta allegedly carried out more than 30 questionable transactions amounting to Rs 1.18 crore. When the matter was flagged to company director Sudhanshu Nahata, Gupta is said to have admitted to diverting company funds into his personal bank accounts.
The report further stated that Gupta signed a notarised statement admitting to the misappropriation but cautioned that he might resort to self-harm if severe action was taken against him. Following this, a complaint was lodged by Deuskar at the MIDC police station in Mumbai.
“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,” NDTV quoted chief legal advisor Parimal Deuskar as saying in his report.