Indian Real Estate Fraud in California

Indian-origin Varun Aggarwal, a 41-year-old auditor from Irvine, California, has recently pleaded guilty to robbing nearly $3 million from an Orange County commercial real estate agency.

This embezzlement, which spanned from 2008 to January 2022, involved Aggarwal creating fictitious invoices for companies under the control of his family and friends.

Working at KBS Realty Advisors in Newport Beach, Aggarwal steadily climbed the ranks and eventually became the director of the internal auditing department. Utilizing his position, he manipulated the system by approving his friends’ and family’s companies as vendors for KBS.

The fraudulent scheme revolved around submitting fake invoices for services that were never actually performed. The funds allocated for these invoices were then funneled into Aggarwal’s personal bank account.

Aggarwal’s illicit activities went undetected until January 2022, when the company initiated an investigation into the suspicious invoices. Subsequently, he resigned from his position. Aggarwal faces the possibility of up to 20 years in federal prison. His sentencing is scheduled for January 22, 2024.