The court heard that between 2007 and 2011, Aggarwal approached 92 potential investors and falsely represented that he had business opportunities for them - but they first had to deposit money with the firm to show they had sufficient funds. A total of HK$8.1 billion was deposited with the firm as a result. Aggarwal then forged signatures in order to direct accounts staff to transfer money into a dormant client account from where he transferred the cash to casinos, to some of his relatives and to companies for which he served as a director.
The South China Morning Post reports that Aggarwal sent a grovelling letter of apology to the firm. Addressed to K&L's Asia Managing Partner, David Tang, he wrote*:
*Aggarwal may not have used pictured notepaper.