- The Lobby
- Extra Times
HK lawyer jailed over fraud, money lost in Macau casinos
Navin-kumar Aggarwal, formerly a senior partner at international law firm K&L Gates, based in Hong Kong, has been jailed for gambling away up to HKD500 million of clients’ and investors’ money.
“How does a man get through at least HKD500 million of other people’s money? The answer in your case was gambling (…) so the money has gone forever, lost in the casinos of Macau, wasted in the pursuit of your own pleasure,” Judge Peter Line stated in his ruling.
According to a report in the South China Morning Post, the lawyer, 47, pleaded guilty, in the Court of First Instance, to two counts of fraud and one of money laundering. He was sentenced to 12 years imprisonment for his HKD8 billion fraud and money laundering scheme, devised to pay off his own gambling debts.
Foreign and local potential investors, as well as clients, suffered losses of HKD572 million. K&L Gates has had to pay compensation to the affected clients. During the trial, one of the judges described the case as “Hong Kong’s worst case of embezzlement.”
The lawyer, who earned up to USD1 million a year, began gambling in the mid-2000s, in an attempt to win enough money to settle huge debts. He approached multiple potential investors and assured them he had great business opportunities to offer, asking investors to deposit money in the firm’s account to confirm they had sufficient funds.
According to the South China Morning Post report, “hundreds of millions of dollars were transferred to casinos, relatives in India and other companies.” K&L Gates has more than 2,000 lawyers and practices in 48 offices across the globe.
Responsible Right of Expression — In the interest of freedom of expression, coupled with a true sense of responsibility to encourage community dialogue, the Macau Daily Times offers its readers the opportunity to express their opinions on new-related matters through this website. All opinions are welcome. However, we reserve the right to remove comments that are deemed to be obscene, or are merely insults written under the cloak of anonymity. MDT
- SUNDAY AT THE COTAI ARENA: The Stones land today in Macau for historic concert
- Forbes explores the city beyond the baccarat tables
- EDUCATION: Zhuhai school caters to study-abroad fever
- Taipa Central Park swimming pool to be completed this year
- IACM to kick off Green Week 2014
- Industry wants tougher penalties for hiring illegal drivers
- ANM asks gov’t to clarify its plan on Tap Seac ‘Glass House’
- BRIEFS: Cocaine smuggled inside six paintings
- Local flights to Vietnam to be resumed
- 25th Macau Arts Festival promises over 200 events in 16 locations
- MUST Career Fair: Employers say attitude is “most important factor” to be successful
- Lao Iong to lead Urban Planning Committee
- Delegates in Beijing request more land resources for Macau
- Money laundering prevalent in both SARs
- BRIEFS: Bus driver jailed for drunk-driving