According to the FIR, Gupta reportedly acknowledged taking money totaling Rs 1.18 crore to pay off personal credit card debt and other private costs.
According to a First Information Report (FIR), Pankaj Harish Gupta, the Chief Financial Officer (CFO) of Marcellus Investment Managers, has been charged with embezzling Rs 1.18 crore in corporate assets for personal use. In accordance with Sections 316(4) and 318(4) of the Bharatiya Nyaya Sanhita (BNS), 2023, the FIR was filed at MIDC Police Station on September 25. The company’s legal head, Parimal Siddhanti Deuskar, filed the lawsuit.
The FIR, which Moneycontrol was able to acquire, states that the alleged embezzlement took place between December 2024 and July 2025 and included unauthorized transactions from the business’s credit card and HDFC Bank corporate account. Senior management confronted Gupta after the firm’s accounting team conducted an internal audit and discovered irregular payments.
According to the FIR, Gupta reportedly acknowledged taking money totaling Rs 1.18 crore to pay off personal credit card debt and other private costs. According to transaction data referenced in the FIR, more than 30 payments totaling around Rs 1.18 crore were made to a number of banks, including ICICI, Kotak, Axis, and HDFC.
According to the article, Gupta also wrote a notarized affidavit admitting to the theft and reportedly threatening to hurt himself if severe punishment was applied.
Under the direction of Inspector Ravindra Ambuji Wani, PSI Sudhir Khemsing Rathod is looking into the matter.
Marcellus Investment Managers confirmed that the lawsuit has been launched and that Gupta has been fired in answer to a question from Moneycontrol. September 25 was the date of the complaint.
“At Marcellus Investment Managers, maintaining the trust and confidence of our clients and stakeholders is of the highest importance,” the business said in a written statement. We are aware of the previously described issue, and it is important to note that we were able to identify and proactively report the occurrence to the relevant authorities.
We wish to firmly assure all stakeholders that this occurrence has no effect on client investments or their money, however we are unable to speak more at this time due to the subject being under investigation. Marcellus is still adamant about upholding the greatest standards of ethics, openness, and governance. As usual, we will guarantee total regulatory compliance and provide the appropriate authorities our full assistance.”
Marcellus Investment Managers, directed by Saurabh Mukherjea, is a renowned investment management company with headquarters in Mumbai that provides wealth management, equities advising, and Portfolio Management Services (PMS).