Mumbai Police have booked Marcellus Investment Managers CFO Pankaj Gupta for allegedly embezzling ₹1.18 crore through a series of unauthorised financial transactions. Entrusted with the company’s corporate credit cards, Gupta was responsible for overseeing all financial operations.
As reported by NDTV Profit, the irregularities were uncovered during a routine audit earlier this year. Between December 2024 and July 2025, Gupta allegedly made over 30 suspicious transactions, transferring company funds to his personal bank accounts. He reportedly admitted to the misappropriation after the issue was flagged to company director Sudhanshu Nahata.
In a post on X (formerly Twitter), Marcellus said, “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. 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. 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.”
Gupta, who joined the firm as CFO in 2022, has nearly two decades of experience in finance, including leadership roles at IDFC Bank and ICICI Bank. He previously held senior finance and strategy positions at major financial institutions.
Led by Saurabh Mukherjea, Marcellus Investment Managers is a Mumbai-based firm offering portfolio management, equity advisory, and wealth management services.
