FIR filed against Marcellus Investment Managers' CFO for alleged misappropriation of funds

The case is being investigated by PSI Sudhir Khemsing Rathod under the supervision of Inspector Ravindra Ambuji Wani.

An FIR has been filed against Marcellus Investment Managers' Chief Financial Officer (CFO), Pankaj Harish Gupta, accusing him of diverting company funds amounting to Rs 1.18 crore for personal use, according to a First Information Report (FIR). The FIR was registered at MIDC Police Station on September 25 under Sections 316(4) and 318(4) of the Bharatiya Nyaya Sanhita (BNS), 2023. The complaint was lodged by Parimal Siddhanti Deuskar, the company’s Legal Head.

According to the FIR, accessed by Moneycontrol, the alleged misappropriation occurred between December 2024 and July 2025, involving unauthorised transactions from the company’s HDFC Bank corporate account and credit card. An internal audit by the firm’s accounts team flagged suspicious payments, prompting senior management to confront Gupta.

The FIR adds that Gupta allegedly admitted to diverting funds worth Rs 1.18 crore to settle personal credit card bills and other private expenses. Transaction records cited in the FIR show over 30 payments made to multiple banks including ICICI, Kotak, Axis, and HDFC totalling around Rs 1.18 crore.

The report also notes that Gupta also signed a notarised declaration acknowledging the misappropriation, while allegedly warning of possible self-harm if strict action was pursued.

The case is being investigated by PSI Sudhir Khemsing Rathod under the supervision of Inspector Ravindra Ambuji Wani.

In response to a query from Moneycontrol, Marcellus Investment Managers acknowledged that the case has been filed and that Gupta has been terminated immediately from his position. The complaint was lodged on September 25.

In a written statement, the company said, "At Marcellus Investment Managers, safeguarding the trust and confidence of our clients and stakeholders is of utmost importance. We are cognizant of the aforementioned matter at hand, and it is worth stating that we had detected and reported the incident, proactively, to the concerned authorities. Suffice to say that the matter is under investigation now and hence we cannot comment on anything more but we want to unequivocally reassure all stakeholders that this incident has no impact on client investments or their funds. Marcellus remains firmly committed to the highest standards of governance, transparency, and ethical conduct. We are extending our full cooperation to the relevant authorities and shall ensure complete regulatory compliance, as we always have."

The Saurabh Mukherjea-led Marcellus Investment Managers is a Mumbai-based leading investment management firm offering Portfolio Management Services (PMS), equity advisory, and wealth management solutions.