find the latest legal job
Banking Associate - 1-6PQE - Allen & Overy
Category: Banking and Finance Law | Location: United Kingdom
· Banking Associate - 1-6 PQE - Allen & Overy
View details
Academic Dean and Head of School of the TC Beirne School of Law
Category: Other | Location: Brisbane QLD 4000
· An outstanding opportunity · Provide educational, research and organisational leadership
View details
Senior Property Lawyer I Commercial Litigator
Category: Property Law | Location: Arncliffe NSW 2205
· Rapidly growing law firm, working with a highly experienced team in a high growth industry across all areas of property and strata law
View details
Senior Property Lawyer I Commercial Litigator
Category: Property Law | Location: All Sydney NSW
· Rapidly growing law firm, working with a highly experienced team in a high growth industry across all areas of property and strata law
View details
Senior Property Lawyer I Commercial Litigator
Category: Property Law | Location: Sydney NSW 2000
· Rapidly growing law firm, working with a highly experienced team in a high growth industry across all areas of property and strata law
View details
Luck runs out for gambling lawyer

Luck runs out for gambling lawyer

A former K&L Gates partner was last week jailed for 12 years for a fraud and money laundering scheme that a judge described as Hong Kong’s worst case of embezzlement.

The South China Morning Post (SCMP) reported that 47-year-old Navin-kumar Aggarwal took part in a fraud and money laundering scheme worth $HK8.5 billion ($1.2 billion) that caused losses for 92 potential investors, two clients and the law firm over a period of four years.

Aggarwal pleaded guilty in the Court of First Instance to two counts of fraud and one of money laundering.

The potential investors and the two clients suffered actual losses of $HK572 million; K&L Gates also had to pay $HK83 million in compensation to the two clients.

According to the SCMP, the court heard that, between 2009 and 2011, Aggarwal gave false instructions to accounting staff of K&L Gates to transfer $HK302 million from the accounts of two clients. About HK$241 million was transferred back into their accounts.

Between 2007 and 2011, Aggarwal also approached 92 potential investors and falsely claimed that he had business opportunities for them, but that the investors had to deposit money with the firm to show that they had sufficient funds.

A total of HK$8.1 billion was deposited with the firm.

Aggarwal paid HK$7.6 billion to the investors as interest for the deposits, but he forged signatures and ordered accounting staff to transfer money into a dormant client’s account and then funnelled out the money.

Hundreds of millions of dollars was transferred to casinos, his relatives and other companies, some of which he served as a director.

The lawyer, who earned up to $US1 million a year, developed a gambling habit in the mid 2000s, the court heard, and needed the money to settle his huge debts, the SCMP reported.

The judge in the case said that as a senior partner in an international law firm, Aggarwal was in a position of great trust. “Because of that trust you were able to have access to enormous sums of other people's money. For a period of four years you betrayed that trust and fraudulently plundered their accounts.”

Sadly, Folklaw reckons that “great trust” in lawyers will be dented if stories like this continue to come out....

Aggarwal is not the only lawyer who has gotten in trouble recently, with a former Baker & McKenzie partner in the US jailed recently for stealing from a client.

Like this story? Read more:

Book commemorates diamond milestone for WA law society

QLS condemns actions of disgraced lawyer as ‘stain on the profession’

NSW proposes big justice reforms to target risk of reoffending

Luck runs out for gambling lawyer
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
Gavel, legal book, criminal lawyers
06:00
Three criminal lawyers named NSW magistrates
The NSW Attorney-General has announced the appointment of three new local court magistrates. ...
Warning
Jan 18 2018
Lawyer highlights ‘unintended consequences’ on SSM estate planning
A succession lawyer has warned that the right for same-sex couples to legally marry could have a sub...
drug rehabilitation services available in rural and remote communities
Jan 18 2018
ALS survey shines spotlight on insufficient rehabilitation services
A new survey posted by the Aboriginal Legal Service (NSW/ACT) has revealed an alarming insight into ...
APPOINTMENTS
Allens managing partner Richard Spurio, image courtesy Allens' website
Jun 21 2017
Promo season at Allens
A group of lawyers at Allens have received promotions across its PNG and Australian offices. ...
May 11 2017
Partner exits for in-house role
A Victorian lawyer has left the partnership of a national firm to start a new gig with state governm...
Esteban Gomez
May 11 2017
National firm recruits ‘major asset’
A national law firm has announced it has appointed a new corporate partner who brings over 15 years'...
opinion
Nicole Rich
May 16 2017
Access to justice for young transgender Australians
Reform is looming for the process that young transgender Australians and their families must current...
Geoff Roberson
May 11 2017
The lighter side of the law: when law and comedy collide
On the face of it, there doesn’t seem to be much that is amusing about the law, writes Geoff Rober...
Help
May 10 2017
Advocate’s immunity – without fear or without favour but not both
On 29 March 2017, the High Court handed down its decision in David Kendirjian v Eugene Lepore & ...