Western Sydney developer jailed after duping investors out of tens of millions
A Western Sydney property developer has been jailed after his 27-company empire collapsed, leaving 150 local families $20 million out of pocket.
A western Sydney property developer has been jailed for nearly five years after his multi-company empire collapsed, leaving scores of investors tens of millions of dollars out of pocket.
Former boss of the Mansa Group, Krishnakumar Sitaram Agrawal, also known as Kris, was last week sentenced in the NSW District Court to four years and ten months behind bars after pleading guilty to falsifying documents and abusing his position as a company director.
Mr Agrawal’s prison term commenced on November 7, 2025. He will not be eligible for parole before 6 February 2029.
ASIC Deputy Chair Sarah Court said, ‘Mr Agrawal betrayed the trust of people within his social and cultural circles.
‘This sentence will be welcomed by those who invested significant amounts of money with Mr Agrawal after being caught up in his dishonest behaviour’, the Deputy Chair said.
The sprawling property network of 27 companies collapsed in August 2023 with reports the former financial advisor had cost 150 Western Sydney families more than $20 million dollars of their savings.
SK Homes, one of the group’s property developers, claimed to have been “established to bridge the gap between housing developments and land purchases, assisting many clients with their vision of owning a beautiful new home.”
“We are experts at identifying and securing land in high growth areas and building new homes.”
According to liquidators, the Company borrowed amounts varying between $20,000 and $932,000 from individuals and self-managed super funds which were on-lent to related companies investing in property projects.
The projects were primarily across Western Sydney including locations in Kellyville, Wentworthville, Toongabbie, Box Hill and Austral.
In March, Mr Agrawa pleaded guilty in the Sydney Downing Centre Local Court to using false documents and dishonestly abusing his position as a director of the Mansa Group.
The Australian Securities and Investments Commission (ASIC) launched an investigation following the collapse and secured travel restraints against Agrawal and his wife in March 2024.
The Commonwealth Director of Public Prosecutions prosecuted the case.
Under the law, using false documents carries a maximum penalty of 10 years in prison, while dishonestly abusing a director’s position can attract up to 15 years.
Agrawal entered guilty pleas at his first appearance on March 18, 2025, and the matter was committed to the Sydney District Court for sentencing, where the guilty admissions were taken into account.
The once-booming Mansa Group empire started its fall in mid-2023.
Between June and August of that year, 16 Mansa Group companies were forced into voluntary administration or liquidation, either by Agrawal or by furious creditors chasing repayment.
According to ASIC, 151 investors in Mansa Sons Pty Ltd reported losing almost $34.5 million following the collapse of the Mansa Group
The companies in the Mansa Group are currently in either voluntary administration or liquidation, with Olvera Advisors, Westburn Advisory, Walsh & Associates and Cathro & Partners cleaning up the mess.
SK Homes’ website is still live and claims “our integrity, accountability and personal touch guarantees the best quality custom homes for our valued clients.”
Originally published as Western Sydney developer jailed after duping investors out of tens of millions
