The Mumbai police have recently booked the former chief financial officer of Marcellus Investment Managers for allegedly embezzling Rs 1.18 crore. The accused, Pankaj Gupta, 41, was the chief financial officer of a firm based in the Maharashtra Industrial Development Corporation (MIDC) area, which has around 100 employees. He allegedly used the firm's money for personal purposes between December 2024 and July 2025, according to a police officer. The MIDC police conducted an inquiry and registered a case against Gupta on September 25, based on a complaint by the firm's legal advisor in Andheri (East). During the preliminary inquiry, it was learnt that he had lost money in the share market, said a police officer. According to the police, the company had given Gupta a credit card from a private bank. He also had access to the current bank account of the firm to use the money for the company expenses. But employees of the account department found some objectionable payments made by him between December 2024 and July 2025. When confronted by the employees in July, Gupta gave them vague answers, prompting them to inform the company's director about the malpractices, said a police officer. The case was registered against him under Sections 316 (4) for criminal breach of trust and 318 (4) for cheating of the Bharatiya Nyaya Sanhita (BNS). The notice was given to him, and legal action will be taken soon, said Senior Inspector Ravindra Wani, MIDC police station.
