MIDC Police Arrest Ex-CFO In ₹1.19 Crore Fraud Case

A 44-year-old former Chief Financial Officer (CFO) of an investment management company has been arrested by the MIDC Police for allegedly defrauding the firm of ₹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.

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.

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.

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.

This case highlights the importance of internal controls and audits in preventing fraud in companies.

The arrest of Gupta is a significant development in the case and is expected to help the police uncover the full extent of the fraud.

The MIDC Police have shown that they are committed to taking action against those who engage in fraudulent activities, and this case is likely to serve as a deterrent to others.

The investigation is ongoing, and the police are working to recover the misappropriated funds and bring those responsible to justice.

In recent years, there have been several cases of fraud reported in Mumbai, and this case is just one example of the need for companies to be vigilant and take steps to prevent such crimes.

The police are urging anyone with information about the case to come forward and assist with the investigation.

This case is a reminder that fraud can have serious consequences, and those who engage in such activities will be held accountable.

The MIDC Police are to be commended for their efforts in bringing Gupta to justice, and their work in this case is an example of their commitment to fighting crime in Mumbai.