Saurabh Mukherjea's Marcellus files FIR against ex-CFO: What you need to know

Marcellus Investment Managers has filed a First Information Report (FIR) against its former Chief Financial Officer, Pankaj Harish Gupta, alleging misappropriation of Rs 1.18 crore from the firm’s corporate accounts.

In a video statement on X, Founder and Chief Investment Officer Saurabh Mukherjea assured investors that the alleged transactions were restricted to the company’s own corporate bank and credit card accounts and had no impact on client investments. The SEBI-registered portfolio management firm reiterated that client assets are safeguarded with independent custodians and remain unaffected.

According to media reports, between December 2024 and July 2025, Gupta executed more than 30 unauthorised transfers, moving funds from the company’s accounts into his personal bank accounts. The irregularities were flagged internally and escalated to company director Sudhanshu Nahata. Following this, Gupta reportedly admitted to the diversion of funds.

On September 25, Marcellus’ chief legal advisor, Parimal Deuskar, lodged the formal complaint with the MIDC Police Station in Mumbai. The case has been registered under sections 316(4) and 318(4) of the Bharatiya Nyaya Sanhita, which deal with criminal breach of trust and fraudulent activity, Moneylife reported.

Gupta has over 16 years of experience in the financial sector, having worked with institutions such as IDFC Bank and ICICI Bank before joining Marcellus in 2022. 

Mukherjea, who previously served as CEO of Ambit Capital and is a founding director of the Association of Portfolio Managers in India, said the firm is committed to the highest standards of governance and transparency. “We unequivocally state that no client investments or funds were involved in this incident,” Marcellus said in a statement. “Safeguarding the trust and confidence of clients and stakeholders is of utmost importance to us.”

The firm added that it is cooperating fully with the authorities and will continue to pursue legal action. Business operations remain unaffected, and client portfolios continue to be managed without disruption.