Mumbai Crime: MIDC Police Arrest 44-Year-Old Former CFO In Alleged ₹1.19 Crore Fraud Case

Mumbai, August 19, 2026: The MIDC Police have arrested a 44-year-old chartered accountant and former Chief Financial Officer (CFO) of an investment management company for allegedly defrauding the firm of Rs 1.19 crore.

The accused, Pankaj Gupta, was arrested from Bengaluru and brought to Mumbai on transit remand on August 15. He has since been sent to Arthur Road Jail.

Suspicious Transactions Probed

According to the police, 32 suspicious transactions were carried out between December 2024 and July 2025 through the company’s credit card and current account.

The investigation revealed that Gupta allegedly used part of the money for share trading, while the remaining amount was spent on personal expenses and paying credit card bills.

Gupta allegedly went on the run after receiving a police notice for questioning on September 26, 2025, a day after the FIR was registered. Police said he destroyed his mobile phone, discontinued his old contact numbers and deleted his social media accounts before fleeing to Bengaluru.

Accused Traced In Bengaluru

Investigators eventually obtained his new mobile number through a mutual acquaintance and traced his location. With the assistance of Varthur Police, the MIDC Police arrested Gupta outside his residence in Thubarahalli, Bengaluru.

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The company had also alleged that Gupta threatened to harm himself if action was taken against him.

Police are conducting further investigation to trace the flow of the allegedly misappropriated funds and determine whether others were involved in the fraud.

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