Thorough Investigative Due Diligence to Evaluate Integrity, Uncover Financial Irregularities, and Mitigate Reputational and Compliance Risks in M&A and Investments.
We specialize in discreet, incisive investigative due diligence to uncover hidden risks across industries and geographies. Our experts evaluate business practices, compliance, financial integrity, and ESG exposure, delivering a clear risk picture for investors and corporations. By collaborating with A&M’s transaction advisory teams, we provide an integrated approach that mitigates risk and supports smarter investment decisions.
Our Experts
Dhruv Phophalia
Managing Director
Mumbai India
Dhruv Phophalia
Managing Director
Mumbai
- 25+ years in corporate governance, transaction advisory and diligence, disputes, investigations and insolvency
- India Leader of the Disputes and Investigations practice
- Expertise in high profile and regulatory investigations in the U.S., Europe, ME, India and APAC
Dhruv Phophalia is a Managing Director with Alvarez & Marsal in Mumbai, and leads the firm's India Disputes and Investigations practice. He brings more than 25 years of experience advising organizations and investors across the globe on corporate governance, transaction advisory and diligence, disputes, bankruptcy, risk management, investigations, data analytics, digital forensics and regulatory matters.
Mr. Phophalia has advised clients across a range of industries, including consumer products, financial services, infrastructure, life sciences, manufacturing, media and entertainment, natural resources, telecom and technology. He brings deep expertise in conducting forensic investigation engagements for boards, audit committees and senior managements of multinational and domestic companies. This includes investigations covering regulatory matters, intellectual property and data theft, procurement frauds, revenue recognition and improper accounting practices, antitrust, embezzlement of funds, misuse of corporate assets and improper dealings with third parties.
Additionally, Mr. Phophalia’s experience in investment transaction situations includes enhanced due diligence, corporate governance and compliance programs, regulatory compliance and analytics-driven insights. He has also advised companies in their acquisitions of targets that were undergoing insolvency and bankruptcy proceedings in India and global investors on contentious matters involving portfolio companies and exits.
Mr. Phophalia has advised clients on several domestic and international litigation and arbitration matters involving expert witness engagements, buy-sell disputes, construction contracts, claim for damages and royalties and bankruptcy-related matters.
Prior to joining A&M, Mr. Phophalia served as Senior Director (Partner) with Deloitte. He spent more than 10 years in Deloitte's U.S. office, and was seconded to Mumbai to set up its forensic and dispute services practice in India.
Mr. Phophalia earned both bachelor and master of commerce in accounting degrees from the University of Mumbai and an MBA in finance from the University of Pittsburgh.
Rahul Gosain
Managing Director
Mumbai India
Rahul Gosain
Managing Director
Mumbai
- Leads the Business Intelligence Practice
- Oversaw 400+ engagements in pre- and post-acquisition due diligence, asset traces and complex management fraud
- 11 years of experience conducting whistle-blower investigations, complex fraud investigations, reputational due-diligence, asset tracing and litigation support.
Rahul Gosain is a Managing Director with Alvarez & Marsal Disputes and Investigations in Mumbai. He leads the Business Intelligence practice.
Mr. Gosain brings 11 years of experience conducting whistle-blower investigations, complex fraud investigations, reputational due-diligence, asset tracing and litigation support matters. He has overseen 400+ engagements in pre- and post-acquisition due diligence, asset traces and complex management frauds. Mr. Gosain has advised global private equity and hedge funds, financial institutions, and Fortune 500 companies on multijurisdictional fraud investigations in India, Bangladesh and Sri Lanka and conducted management fraud investigations in Korea, Indonesia and China. He has worked with clients across various industries, including gems and jewelry, retail, healthcare, mining, real estate and consumer goods.
Mr. Gosain’s notable engagements include conducting an internal investigation of a whistle-blower complaint that uncovered operational fraud in a Fortune 500 company. Covering three offices in South Asia, the investigation revealed FCPA red flags and multiple lapses in internal controls, as well as a kick-back mechanism.
Mr. Gosain also led several multi-million dollar asset tracing assignments covering jurisdictions in India, Dubai, Singapore, Cyprus, USA and UK, including one of the largest real estate frauds investigations in India. His work has resulted in the identification of hidden unencumbered assets in excess of $250 million. Mr. Gosain was an advisor in one of the largest boardroom battles in India, advising on leveraging intelligence to shape countermeasures, communication and litigation strategy.
Prior to joining A&M, Mr. Gosain was a member of the regional management team for JCPenney's $2 billion Asian sourcing business. He was responsible for managing investigations, reputational risk and security for the company’s international offices.
Mr. Gosain earned a bachelor’s degree in commerce (honors) from the University of Calcutta and an MBA in finance. He is a Certified Fraud Examiner and a Certified Forensic Interviewer.
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