Varun Aggarwal, a former head auditor at KBS Realty Advisors, admitted to embezzling $2.7 million as he created fraudulent invoices and transferred it to his personal accounts.
Varun Aggarwal Created Fraudulent Invoices and Transferred $2.7 Million; Entered a Guilty Plea
The former head auditor of KBS Realty Advisors admitted to embezzling around $2.7 million as he created fraudulent invoices and transferred it to his personal accounts from the business and entered a guilty plea to the charge, Justice Department made a statement on Monday. Aggarwal gave his approval for KBS to hire six vendors between 2012 and 2022; all of the companies were owned by members of his family and friends. According to the plea deal, Aggarwal used these suppliers as he created fraudulent invoices for services that were never rendered, and KBS paid them.
According to the plea deal submitted to the U.S. Aggarwal will have to pay the whole $2.7 million as he created fraudulent invoices and transferred it to his personal accounts from the business in reparations that was ordered by the District Court earlier this month. The plea bargain states that he might also receive a 20 years in prison despite the fact that the U.S. a lighter sentence has been suggested by the attorney’s office.
14-year employee Aggarwal reportedly left the Newport Beach-based business in January after KBS started looking into some of he created fraudulent invoices, according to the criminal complaint submitted in November. The arrest of Aggarwal was carried out as a result of numerous internal and external investigations.
What should you know about Newport Beach-Based Business?
Seven non traded REITs are run by KBS and its affiliates in addition to other funds. Peter Bren and Charles Schreiber started the company in 1992 it has primarily invested in office buildings along with a few multifamily homes and potential land development sites. The Newport Beach based business offered a full range of solutions in financing for all kinds of commercial real estate. Through their unrivaled network of financing partners they can set up commercial mortgages for any sort of business property.