HomeAmericasCrimeEmbezzling: Varun Aggarwal Of Newport Beach, CA, Guilty, Faces Jail

Embezzling: Varun Aggarwal Of Newport Beach, CA, Guilty, Faces Jail

Embezzling: Varun Aggarwal Of Newport Beach, CA, Guilty, Faces Jail

NEWPORT BEACH, CA – (IANS) – A 41-year-old Indian American former executive has pleaded guilty to embezzling more than $2.7 million from his employer.

Varun Aggarwal, who worked at a commercial real estate agency here, pleaded guilty on August 22 to one count of wire fraud for submitting fictitious invoices for companies controlled by his family and friends, whose services never were performed.

Aggarwal’s sentencing is scheduled for January 22, 2024, and he faces a statutory maximum sentence of 20 years in federal prison.

According to his plea agreement, from 2008 to January 2022, Aggarwal worked in the internal auditing department of the Newport Beach-based KBS Realty Advisors and rose to the level of the department’s director.

Beginning at least as early as January 2012 and continuing until January 2022, Aggarwal used his position at KBS to embezzle his employer’s money, the  Department of Justice statement said.

As a member of the company’s internal auditing group, Aggarwal was familiar with KBS’s policies and procedures for payments to vendors.

He used his knowledge of KBS’s policies and procedures to have his friends and family serve as approved vendors to do contracting work for KBS.

After several of these companies became approved vendors for KBS, Aggarwal used these approved vendors to submit fraudulent invoices for consulting services that were not performed for the company.

He then funneled the payments on the invoices from KBS to his own bank accounts — through the approved vendors — at times without informing the vendors that the invoices and the payments on the invoices were for his own benefit.

In carrying out this scheme, Aggarwal fraudulently obtained nearly $2,729,718 from KBS that he caused it to pay to the approved vendors that ultimately went to himself.

He resigned from KBS in January 2022 after the company began investigating the invoices, according to court documents.

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  • The question is why? Greed, desire to accumulate wealth drives people like this gentleman towards criminal behavior. Instead of seeking material wealth, if Varun sought spiritual wealth, then this situation would not happened. Varun could have taken all the spiritual wealth, acquiring as much knowledge (vedas) to better his spiritual well being. Seeking spiritual knowledge is divine in itself.

    August 22, 2023
  • The guy had greedy DNA, 20 years is small period of time. whatever hard he would work, in 20 years he would not earn 2.7 million dollars. even embezzling is he work, so he did work and accumulated 2.7 million dollars. Well done.

    August 22, 2023
  • It is unfortunate that a trusted employee embezzles money from his employer. And the confidence build on doing such activity for a while ends up being caught. The punishment for such crime is severe. Not worth doing such activity.

    August 22, 2023
  • He won the Lotto and then lost it. Poor Guy trying to impress his close friends and family by displaying material wealth.

    August 22, 2023
  • Greed comes from having a bottomless pit inside and greedy people are trying to fill that bottomless pit by grabbing more and more when its never enough. Embezzling for 10+ years from an employer that trusts you requires a lot of greed, courage and shamelessness. Trying to impress friends and family with wealth that does not belong to you. Very sad!

    August 31, 2023

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