Close X
Sunday, December 1, 2024
ADVT 
International

Indian-American admits embezzling more than $2.7 mn from employer

Darpan News Desk IANS, 22 Aug, 2023 12:28 PM
  • Indian-American admits embezzling more than $2.7 mn from employer

Washington, Aug 22 (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 in California, pleaded guilty on Monday 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, a 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.

MORE International ARTICLES

Indian students in US surge by 19% in 2021-22: Report

Indian students in US surge by 19% in 2021-22: Report
The rise in Indian students moving to the US is likely to overtake China in 2022-23, with 82,000 visas issued between June and August - the highest number among all countries. 

Indian students in US surge by 19% in 2021-22: Report

Trump set to announce his candidacy for 2024 presidential run amid stiff opposition from GOP

Trump set to announce his candidacy for 2024 presidential run amid stiff opposition from GOP
Trump had said at the start of polling on November 8 midterms he would make an important announcement on November 15. But the Republicans are thinking in terms of Ron DeSantis, the Florida hero, and former VP Mike Pence with his own plans for a run, embittered by Trump calling him a "wimp".

Trump set to announce his candidacy for 2024 presidential run amid stiff opposition from GOP

Indian-American woman, 23 year old Nabeela Syed, becomes youngest member of Illinois General Assembly

Indian-American woman, 23 year old Nabeela Syed, becomes youngest member of Illinois General Assembly
In the US midterm elections, Syed came out victorious over her Republican rival Chris Bos. Syed shared her excitement, joy, and disbelief all at the same time on Twitter. She is the youngest person to be part of the Illinois General Assembly.  

Indian-American woman, 23 year old Nabeela Syed, becomes youngest member of Illinois General Assembly

Big midterms winner? Democracy, say ambassadors

Big midterms winner? Democracy, say ambassadors
Both David Cohen, Washington's envoy in Ottawa, and Kirsten Hillman, the top Canadian diplomat in D.C., say strong voter turnout is a sign of health in the U.S. political system. The final outcome remains to be determined. 

Big midterms winner? Democracy, say ambassadors

Sikh prayer books issued to UK military personnel after 100 yrs

Sikh prayer books issued to UK military personnel after 100 yrs
The prayer books have been printed in three languages in durable and waterproof material to withstand the rigours of military life, said the BBC report. While the British Army Gutka has a camouflage cover, the Royal Navy and RAF Gutka has a navy blue one.

Sikh prayer books issued to UK military personnel after 100 yrs

Indian national in US gets 5 years jail for call centre fraud

Indian national in US gets 5 years jail for call centre fraud
Waseem Maknojiya, who was illegally residing in Houston, had pleaded guilty on September 13, 2021, a press statement by the US Attorney's Office in the Southern District of Texas said. On Tuesday, US District Judge Lynn N. Hughes ordered Maknojiya to serve 60 months in federal prison. 

Indian national in US gets 5 years jail for call centre fraud