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.