• About
  • Advertise
  • Contact
  • Login
Newsletter
NRI Affairs
Youtube Channel
  • News
  • Video
  • Opinion
  • Culture
  • Visa
  • Student Hub
  • Business
  • Travel
  • Events
  • Other
No Result
View All Result
  • News
  • Video
  • Opinion
  • Culture
  • Visa
  • Student Hub
  • Business
  • Travel
  • Events
  • Other
No Result
View All Result
NRI Affairs
No Result
View All Result
Home News

Indian-Australian Accountant Kris Agrawal Alleged of $38 Million Fraud

With assurances of a substantial 12% return, Agrawal's company had seemed like a beacon of financial hope.

NRI Affairs News Desk by NRI Affairs News Desk
August 9, 2023
in News
Reading Time: 2 mins read
A A
0
Crime Prevention UK

Source: BusinessForensics

Share on FacebookShare on Twitter

Indian-Australian accountant Kris Agrawal faces mounting scrutiny as his company’s collapse leaves over 130 families in Western Sydney fearing the loss of their life savings. The distressing situation stems from the collapse of a company, once endorsed by a trusted family accountant and financial advisor, which had assured investors of spectacular returns totalling a staggering $38 million.

The company, led by Kris Agrawal, had lured investors with the promise of extraordinary profits on their investments. With assurances of a substantial 12% return, Agrawal’s company had seemed like a beacon of financial hope. However, this illusion was shattered as the company entered voluntary administration, leaving families with a bleak and uncertain future.

Mona Patel and her husband of Indian descent are among those hit hardest by this unforeseen catastrophe. Their losses amount to a staggering $750,000. Patel’s voice trembled as she revealed the depth of her anguish to 7 News, saying, “We’re in a lot of pain right now… Every single night, every single morning. It’s hard.”

Confusion and despair have become the prevailing emotions for the affected families, who are struggling to comprehend the sudden disappearance of their investments. “Where’s all the money gone?” one investor pleaded, echoing the sentiments of many who are now facing financial ruin. Approximately $40 million remains unaccounted for, leaving families feeling betrayed and devastated.

Central to the controversy is the company’s affiliation with Mansa Suns, an entity controlled by Agrawal. Mansa Suns extended loans to various businesses, resulting in investments in properties across Western Sydney. Locations such as Box Hill, Toongabbie North, Kellyville Austral, Oren Park, and Wentworthville were targeted for development. However, the expected returns have proven to be elusive, leaving investors disillusioned and desperate.

In the midst of this crisis, Kris Agrawal, once regarded as a reliable financial advisor, was seen apologising and expressing remorse for the dire situation in the report by 7 News. “I’m very sorry,” Agrawal concedes, though his words do little to assuage the anger and disappointment of investors who entrusted him with their financial well-being.

Amidst the chaos and uncertainty, some investors are finding their voices and demanding accountability. An anonymous creditor, who lost $300,000, laments, “I truly don’t know. Where is my money? It’s gone,” capturing the frustration that has gripped many in the wake of this catastrophe.

As the impacted families (majorly of Indian descent) search for answers and potential avenues for recourse, the Australian Securities and Investments Commission (ASIC) has yet to confirm whether an investigation into the matter is underway. The upcoming creditors’ meeting looms as a pivotal moment, holding the potential to provide clarity and perhaps a glimmer of hope for those who find themselves on the precipice of financial ruin.

Logo2
NRI Affairs News Desk

NRI Affairs News Desk

NRI Affairs News Desk

Related Posts

Premier Allan welcomes prospect of Modi visit, pledges to fight Liberal aged pension cut
News

Premier Allan welcomes prospect of Modi visit, pledges to fight Liberal aged pension cut

May 28, 2026
At 23, Tushar Kumar becomes UK’s youngest Indian-origin Mayor
News

At 23, Tushar Kumar becomes UK’s youngest Indian-origin Mayor

May 21, 2026
Faith leaders and MPs gather at NSW Parliament for cross-faith dialogue
News

Faith leaders and MPs gather at NSW Parliament for cross-faith dialogue

May 18, 2026
Next Post
Indian-Origin CFO, Vaibhav Taneja Joins Tesla Amidst India Expansion Talks

Indian-Origin CFO, Vaibhav Taneja Joins Tesla Amidst India Expansion Talks

Rising Indian Preference for Australian Citizenship Over New Zealand

Rising Indian Preference for Australian Citizenship Over New Zealand

Indian Citizens Urged to Leave Niger as Violence Escalates

Indian Citizens Urged to Leave Niger as Violence Escalates

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Everything about the HPI visa that allows graduates from top universities to stay in the U.K without a job offer in hand

Everything about the HPI visa that allows graduates from top universities to stay in the U.K without a job offer in hand

4 years ago
GIFT City: How India is Creating a Gateway for NRIs to Join Its Growth Journey

GIFT City: How India is Creating a Gateway for NRIs to Join Its Growth Journey

1 year ago
Indian Student Fatally Shot in Suspected Robbery in Wisconsin, USA

Indian Student Fatally Shot in Suspected Robbery in Wisconsin, USA

1 year ago
NRIs/OCIs do not require prior approval for acquisition and transfer of immovable property in India: RBI

NRIs/OCIs do not require prior approval for acquisition and transfer of immovable property in India: RBI

4 years ago

Categories

  • Business
  • Events
  • Literature
  • Multimedia
  • News
  • nriaffairs
  • Opinion
  • Other
  • People
  • Student Hub
  • Top Stories
  • Travel
  • Uncategorized
  • Visa

Topics

Air India Australia california Canada caste china cricket election Europe Gaza Hindu Hindutva Human Rights immigration India Indian Indian-origin indian diaspora indian student Indian Students Israel Migration Modi Muslim Narendra Modi New Zealand NRI Pakistan Palestine politics Racism Singapore student students tariff trade travel trump UAE uk US USA Victoria visa Zohran Mamdani
NRI Affairs

© 2025 NRI Affairs.

Navigate Site

  • About
  • Advertise
  • Contact

Follow Us

No Result
View All Result
  • News
  • Video
  • Opinion
  • Culture
  • Visa
  • Student Hub
  • Business
  • Travel
  • Events
  • Other

© 2025 NRI Affairs.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
WP Twitter Auto Publish Powered By : XYZScripts.com