MIDC Police Arrest Former CFO From Bengaluru in Rs 1.19 Crore Fraud

The MIDC Police have arrested a 44-year-old chartered accountant and former Chief Financial Officer of an investment management firm for allegedly defrauding the company of Rs 1.19 crore. The accused, identified as Pankaj Gupta, was apprehended from Bengaluru and brought to Mumbai on transit remand before being remanded to Arthur Road Jail.

According to police investigators, the fraud unfolded through 32 suspicious transactions conducted between December 2024 and July 2025. These unauthorized transactions were carried out utilizing the investment firm's credit card and current account.

The probe revealed that Gupta allegedly used a portion of the siphoned money for share trading activities. The remaining funds were allegedly spent on his personal expenses and for clearing his credit card dues.

The formal First Information Report (FIR) was registered in the case on September 25, 2025. Gupta went on the run shortly after receiving a police notice for questioning on September 26, 2025. Before fleeing to Bengaluru, he reportedly destroyed his mobile handset, discontinued his active contact numbers, and deleted his social media profiles to evade detection by law enforcement. The company had also alleged that Gupta threatened to harm himself if any legal action was initiated against him.

Investigators in Mumbai eventually traced Gupta's whereabouts after obtaining his new mobile contact details through a mutual acquaintance. Acting on the location data, a team from the MIDC Police, assisted by the local Varthur Police, tracked Gupta down and arrested him outside his residence in Thubarahalli, Bengaluru.

Gupta was brought to Mumbai on transit remand on August 15 and subsequently sent to Arthur Road Jail. The MIDC Police are continuing their investigation to trace the complete money trail of the allegedly misappropriated funds and to establish whether any other persons were involved in the financial fraud.