The Australian Securities & Investments Commission (ASIC) reported that Krishnakumar Sitaram Agrawal, a current and former director of 27 companies in the Mansa Group, has pleaded guilty in the Sydney Downing Centre Local Court to criminal charges following an ASIC investigation. The case has been committed to the Sydney District Court for sentencing at a later date. Mr Agrawal pleaded guilty to one count of using false documents to obtain a financial advantage (under the Crimes Act NSW) and one count, and admitted guilt to a further count, of using his position as a director dishonestly to gain an advantage and cause detriment (under the Corporations Act). The conduct related to removing directors and shareholders of group companies without their knowledge, applying for and obtaining loans from third-party lenders on that basis and or using false documents, and using the loans for the benefit of other corporations he controlled; the offences were committed between 24 April 2017 and 24 March 2023. The maximum penalties cited are 10 years’ imprisonment for the false documents offence and 15 years’ imprisonment for the Corporations Act offence; the matter is being prosecuted by the Commonwealth Director of Public Prosecutions, and ASIC noted it previously obtained travel restraints against Mr Agrawal and his wife following the collapse of the Mansa Group. The next court date is 11 April 2025 at the Sydney Downing Centre District Court.
Australian Securities & Investments Commission 2025-03-27
Australian Securities & Investments Commission investigation leads to Mansa Group director guilty plea on false documents and dishonest conduct charges
Krishnakumar Sitaram Agrawal, a director of the Mansa Group, pleaded guilty to using false documents and abusing his director position for financial gain. Offences occurred between April 2017 and March 2023. The case, prosecuted by the Commonwealth Director of Public Prosecutions, is set for sentencing. ASIC previously imposed travel restraints on Agrawal and his wife.