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

Mumbai police have apprehended a 44-year-old former CFO, Pankaj Gupta, in connection with an alleged fraud case worth Rs 1.19 crore, according to reports. Gupta, a chartered accountant, was apprehended from Bengaluru and subsequently transferred to Mumbai's Arthur Road Jail, where he is currently held. The investigation uncovered 32 suspicious transactions executed between December 2024 and July 2025 through the company's credit card and current account.

These transactions allegedly enabled Gupta to engage in share trading, while the remainder of the funds were purportedly spent on personal expenses and credit card bills. Following a police notice for questioning on September 26, 2025, Gupta went into hiding. He reportedly disposed of his mobile phone, changed his contact details, and deleted his social media accounts before making his way to Bengaluru.

Investigators located Gupta using a mutual acquaintance's contact details and apprehended him outside his residence in Thubarahalli, Bengaluru. The company also alleged that Gupta threatened self-harm if legal action was taken against him. Ongoing investigations aim to trace the flow of the misappropriated funds and determine potential co-conspirators.