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Former Chief Auditor of KBS Realty Advisors Pleads Guilty to $2.7 Million Embezzlement Scheme

KBS Realty Advisors
PHOTO: John T Floyd Law Firm

Former KBS Realty Advisors Chief Auditor Confesses to Stealing $2.7 Million

The ex-chief auditor of KBS Realty Advisors, Aggarwal, has confessed to a $2.7 million embezzlement plot spanning from 2012 to 2022, involving fake invoices from family-linked vendors, leading to his resignation, potential 20-year imprisonment, and reimbursement efforts by KBS.

KBS Realty Advisors

The U.S. Department of Justice revealed that the ex-chief auditor of KBS Realty Advisors has admitted to stealing around $2.7 million from the company. (PHOTO: Restaurant Hospitality)

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Former KBS Realty Advisors Chief Auditor Admits $2.7 Million Embezzlement Scheme Spanning a Decade, U.S. Department of Justice Unveils; Varun Aggarwal Orchestrated Fraudulent Invoices Through Family-Connected Vendors

The U.S. Department of Justice revealed that the ex-chief auditor of KBS Realty Advisors has admitted to stealing around $2.7 million from the company. According to The Real Deal, this former executive named Varun Aggarwal devised a scheme that lasted from 2012 to 2022. He oversaw the hiring of six vendors connected to his family and friends, who then submitted fake bills for services that were never done. KBS paid these invoices, and most of the money ended up in Aggarwal’s hands.

The ex-chief auditor of KBS Realty Advisors has taken responsibility for his actions, agreeing to pay back the total amount he stole, which is $2.7 million. He could face up to 20 years in prison, as per the terms of his plea agreement. However, the U.S. Attorney’s Office recommends a lesser sentence, as reported.

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Embezzlement Fallout: KBS Realty Advisors Faces Impact on Operations and Reputation; Firm Takes Swift Action and Reimburses Affected REITs in Wake of Internal Audit

According to Daily Pilot, this incident has affected KBS Realty Advisors and its affiliated ventures. KBS manages several non-traded real estate investment trusts (REITs) and deals with office buildings, apartments, and land development. The embezzlement came to light when the company conducted an internal audit and Aggarwal resigned. The firm promptly reimbursed the REITs that were impacted and covered the investigation costs, emphasizing their commitment to resolving the issue.

The case’s progression will reveal more about the ex-chief auditor of KBS Realty Advisors’ fate. It serves as a reminder of the need for strong internal controls to prevent such misconduct and highlights the importance of transparency and oversight in financial operations.

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