MIDC Police Arrest Ex-CFO in Bengaluru Over Rs 1.19 Crore Embezzlement
MIDC police in Mumbai arrested a 44-year-old chartered accountant, Pankaj Gupta, from Bengaluru on August 15 in connection with an alleged embezzlement of Rs 1.19 crore from an investment management firm in Mumbai, where he served as the chief financial officer for nearly two years. Gupta had previously fled his rented accommodation in Kandivli after learning that an inquiry had been initiated against him.
According to police officials, Gupta escaped from his Kandivli residence along with his family in September 2025 after receiving a formal summons from the MIDC police. The summons followed a First Information Report registered on September 25, 2025, which required him to appear before the investigating team for questioning regarding the siphoned funds.
Investigators stated that after learning about the FIR, Gupta took active steps to evade detection and conceal his identity. He deleted his past social media history, wiped his existing contact details, and dumped his old mobile phone handset before leaving the city with his family.
Following his escape from Mumbai, Gupta managed to secure employment at a firm in Bengaluru. Police stated that he was able to pass through employee police verification checks because the Mumbai police criminal data record did not show any record of an arrest, despite the FIR being registered against him.
Police explained that until a person is formally arrested and their biometric details and fingerprints are uploaded into the criminal data record system, their criminal history is not reflected during verification procedures, creating a loophole that allowed Gupta to remain unidentified while working at the new firm.
The alleged fraud originally came to light after the accounts department of the Mumbai investment management firm discovered financial discrepancies dating between December 2024 and June 2025. Following the discovery of the missing funds, Gupta confessed to the company's director that he had siphoned the money.
The investment firm initially permitted him to repay the embezzled Rs 1.19 crore by remaining in his post while deductions were made directly from his monthly salary. However, the repayment arrangement did not proceed properly, prompting the company to pursue legal action that culminated in the FIR and Gupta's eventual arrest.
