Earlier in 2023, the self-proclaimed property developer had minted significant chunks of money from his friends and associates, promising he would use the funds to develop properties.
In a benchmark judgement, the NSW District Court sentenced a self-proclaimed property developer, Krishnakumar Sitaram Agrawal, to four years and 10 months in prison for scamming Western Sydney families out of more than $20 million.Â
Agarwal, the Mansa Group director, was convicted in court for using false documents to obtain a financial advantage. He was proven guilty of dishonestly using his position as a director, intending to cause detriment.
According to the court order, his sentence started on Friday. Also, he would not be able to apply for a parole before February 6, 2029.
What did Agarwal do?
Earlier in 2023, the self-proclaimed property developer had minted significant chunks of money from his friends and associates, promising he would use the funds to develop properties. He also promised them that the funds would reap healthy returns.
Several reports claimed that over 150 investors were persuaded by Agarwal and invested their hard-earned money.
Following several complaints, the ASIC started the investigation and found out that between 2017 and 2023, Agarwal sacked directors and shareholders within the Mansa Group without letting them know about it.
Not only this, the investigation team also found out that the self-proclaimed property developer even took loans of about $20 million from third-party lenders under false pretences. But, instead of using the funds, he benefited the other corporations he ran.
As per the details, Agarwal was the director of 27 firms under the Mansa Group umbrella. All the firms in the Mansa Group are currently in either voluntary administration or liquidation.
In March 2025, Agrawal pleaded guilty in the Sydney Downing Centre Local Court. He agreed to use false documents to obtain a financial advantage.
Prison Terms
Announcing the prison terms for Agarwal, the District Court of NSW on 7 November stated that the accused (Agarwal) will be sentenced for three years and three months for using false documents to obtain a financial advantage.
Also, he would be sentenced for three years and ten months for dishonestly using his position as a director with the intention to gain an advantage under the Corporations Act 2001 (Cth).
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