Indian American’s Scam Of 20+ Crore From Employer!!

An Indian American man has pleaded guilty of committing wire fraud to embezzle ₹22 crore from his employer. Varun Aggarwal worked as an executive at a commercial real estate company in California. He worked in the internal auditing department of KBS Realty Advisors and had a thorough knowledge of the company’s policies which he used to defraud his own employer.

The Department of Justice said that Varun submitted fictitious invoices for companies belonging to his friends and family for which no service was ever provided. He helped these companies serve as approved vendors for KBS and then used these companies to siphon off money through false invoices. He created a network to channel this money back to his own account.

Varun ran this scam from 2012 only and when the company began investigating these invoices in January 2022, he resigned. The matter was taken up quite seriously and the investigation was carried off by the FBI. According to the police, his knowledge in the auditing department was very instrumental in the scam. He had risen to the rank of the director of the department during his time in office.