In a case that highlights the depths of corporate fraud, a former executive at an Orange County commercial real estate agency has admitted to embezzling over $2.7 million from his employer. Varun Aggarwal, 41, of Irvine, pleaded guilty to wire fraud and now faces a potential 20-year prison sentence.
The scheme began in 2008 when Aggarwal joined Newport Beach-based KBS Realty Advisors. By 2012, he had risen to the level of director in the internal auditing department. Using his position, Aggarwal exploited his knowledge of the company’s payment policies, employing a clever tactic to siphon funds for himself.
Aggarwal manipulated the system by enlisting his family and friends as approved vendors for contracting work. Once approved, he would have these vendors submit fraudulent invoices for consulting services that were never provided. By diverting payments through these vendors to his own accounts, he was able to illicitly obtain approximately $2.72 million from KBS.
The embezzlement went undetected until January 2022 when KBS initiated an investigation into the suspicious invoices. Aggarwal resigned from his position at that time.
The guilty plea marks the end of a deceptive reign that lasted nearly a decade. Aggarwal’s actions have not only damaged the reputation of KBS Realty Advisors but have also crippled the trust that underpins the business world.
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