Imprisoned fraudster's wife banned by ASIC

ASIC has disqualified Shashikumari Agrawal (Mrs Agrawal), the wife of the imprisoned director Krishnakumar Agrawal (Mr Agrawal), from managing corporations for five years due to her role in the collapsed Mansa Group.

Mrs Agrawal and Mr Agrawal were the directors of the entity, which collectively controlled 27 companies used for the funding, acquisition and development of property in Sydney's west, ASIC said.

Mr Agrawal was previously a financial adviser under Akumin Financial Planning and was active from April 2010 to November 2020.

Between 30 June and 4 August 2023, 16 Mansa Group companies were placed into voluntary administration or liquidation and up to 151 investors in Mansa Sons, the Mansa Group treasury company, have reported losing almost $34.5 million in the collapse.

Additionally, between 2017 and 2023, Mr Agrawal removed directors and shareholders of corporations within the Mansa Group without their knowledge.

He also applied for and obtained loans from third party lenders to the value of over $20 million on that basis with the use of false documents and used the loans for the benefit of other corporations which he controlled, ASIC found.

ASIC secured travel constraints for the pair in March 2024, and Mr Agrawal was subsequently sentenced in November 2025 to a total term of three years and three months imprisonment.

Although ASIC acknowledged that Mr Agrawal was the "controlling mind" of the Mansa Group, Mrs Agrawal showed a disregard for the law and proper management of the eight failed companies for which she was a director which currently owe at least $76 million to some 272 unsecured creditors.

In disqualifying Mrs Agrawal, ASIC relied on supplementary reports lodged by liquidator Simon Cathro of Cathro & Partners.

Mrs Agrawal is disqualified from managing corporations until 9 June 2031 and reserves the right to seek a review by the Administrative Review Tribunal.

She was the director of United Capital Australia; Mansa Sons; Dawn Enterprise; Patidar Group; SKTM Investments; SKTM Capital; TKA Investments; and TVESA Investments between 2010 and 2023.