A former executive at an Orange County commercial real estate agency was arrested Monday, November 14, on suspicion of stealing $2.5 million in a decades-long plot.
From 2012 to January 2022, Varun Aggarwal is suspected of using his position at Newport Beach-based KBS Realty Advisors to embezzle his employer’s money by sending out fictitious invoices for companies controlled by his family and friends for services that never The US Attorney’s Office said in a press release.
Aggarwal, 40, a resident of Irvine, served as the company’s chief internal audit function and was familiar with the company’s policies and procedures for payments to suppliers.
In his position as director, he allegedly had friends and family do commissioned work for his groups at KBS, which US Attorneys say he then used to submit fraudulent bills for consulting services. Payments received for services not provided by the company were then redirected to its own bank accounts via KBS’s invoices.
The six vendors used in the program were not informed that the bills and payments were for his own benefit.
Aggarwal resigned from KBS in January after the company began investigating the bills, US attorneys said.
Aggarwal faces charges of mail fraud and wire fraud. He faces a maximum sentence of 40 years in federal prison if found guilty on both counts.
https://www.ocregister.com/2022/11/14/irvine-man-suspected-of-stealing-roughly-2-5-million-from-real-estate-agency-in-invoice-scheme/ Irvine man suspected of stealing around $2.5 million from real estate agency in billing scheme – Orange County Register