Marcellus Investment Managers CFO Accused of Embezzling Rs1.18 Crore through Unauthorised Transactions

Moneylife Digital Team 27 September 2025

Investor Interest

Mumbai Police have filed charges against Pankaj Gupta, the Chief Financial Officer of prominent investment firm Marcellus Investment Managers Private Limited, following allegations that he fraudulently diverted Rs1.18 crore from company funds through unauthorized financial activities.

The 41-year-old finance executive, who joined the Andheri East-based investment management company in 2022, stands accused of orchestrating a sophisticated embezzlement scheme that operated over a seven-month period from December 2024 through July 2025. According to the First Information Report, Gupta exploited his privileged access to corporate financial instruments, including company credit cards and bank accounts, to execute more than 30 unauthorized transactions.

The fraudulent activities came to light during a routine financial audit when the company's accounting team identified suspicious transaction patterns. The matter was immediately escalated to company director Sudhanshu Nahata, who confronted Mr Gupta about the irregularities.

When confronted by company leadership, Mr Gupta reportedly admitted to the misconduct, acknowledging that he had transferred corporate funds to his personal banking accounts across multiple financial institutions, including ICICI, IDFC, Axis and Kotak banks. He also confessed to using company credit cards for personal expenditures.

Following his admission, the company requested a formal written confession on official documentation. However, according to police reports, Mr Gupta subsequently made threatening statements regarding potential self-harm if legal action proceeded against him.

Parimal Deuskar, serving as the company's chief legal adviser, filed the formal complaint with the MIDC police station on Thursday. The case has been registered under Sections 316(4) and 318(4) of the Bharatiya Nyaya Sanhita, addressing charges of criminal breach of trust and fraudulent activity.

Gupta had over 16 years of experience and his career includes senior positions at major financial institutions such as IDFC Bank and ICICI Bank. His appointment as CFO at Marcellus in 2022 was considered a significant strategic hire for the investment firm.

Marcellus Investment Managers has issued an official statement addressing the situation, emphasising their commitment to transparency and stakeholder protection. The firm has assured clients and investors that the alleged misconduct has not affected client investments or fund security.

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

The investment management firm, which operates under the leadership of founder and chief investment officer Saurabh Mukherjea, employs approximately 100 staff members and is regulated by the Securities and Exchange Board of India (SEBI). Since its establishment in 2018, the company has built a reputation for advocating investment in high-quality Indian companies with strong governance practices.

The investigation remains ongoing, with authorities working to trace the full extent of the alleged financial misconduct. The legal proceedings for recovery of the embezzled funds are expected to commence as the case progresses through the judicial system.

This incident highlights the ongoing challenges investment firms face in maintaining internal financial controls and the importance of regular audit procedures in detecting fraudulent activities.

Comments

User

angelo.extross

2 months ago

One rotten apple can destroy the reputation of a firm. Good that the Investment firm took prompt action rather than sweep it under the carpet.

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