Irvine man accused of embezzling $2.6 million from Newport Beach real estate firm
An Irvine man suspected of embezzling $2.6 million from a Newport Beach-based real estate agency was arrested Monday on mail and wire fraud charges.
Varun Aggarwal, a former executive of KBS Realty Advisors, submitted bogus invoices from 2012 through January 2022 for consulting services that were never performed, according to prosecutors.
He used his position to have friends and family members perform contracting work for the company, prosecutors allege.
Aggarwal is also accused of directing money from payments on the bogus invoices to personal bank accounts, prosecutors said.
He resigned from the company in January when officials began investigating the invoices, prosecutors said.
Aggarwal allegedly used at least six vendors to steal about $2.6 million from KBS from Jan. 1, 2012, through Jan. 13, prosecutors said. He is charged with single counts each of mail and wire fraud.
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