The Mumbai Police booked Marcellus Investment Manager CFO Pankaj Gupta in connection with an embezzlement case. He has been accused of siphoning Rs 1.18 crore through several unauthorised transactions. The CFO had been entrusted with the corporate credit cards of the company as he was responsible for managing all financial transactions.
According to an NDTV Profit report, the matter first came to light during a routine check earlier this year. Gupta had made over 30 suspicious transactions between December 2024 and July 2025 totalling Rs 1.18 crore. He reportedly confessed after the matter was escalated to company director Sudhanshu Nahata and explained how company funds were transferred to his personal bank accounts.
‘Misused cards to gain Rs 1.18 crore’
“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.
The report also noted that Gupta had signed a notarised declaration acknowledging the fraudulent transactions but warned of possible self-harm if strict action was pursued against him. A complaint was eventually filed by Deuskar at the MIDC police station in Mumbai.
Who is Pankaj Gupta?
Pankaj Gupta was appointed as the Chief Financial Officer of Marcellus Investment Managers in 2022. Reports indicate that he had previously served as the head of finance for a major financial organisation and also held the role of associate director for strategy and planning at one of the top banks in the country. He has nearly two decades of experience in various finance roles and previously worked with IDFC Bank and ICICI Bank.