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August 23, 2010
Kallakis £61 Million Fraud
According to the Times, Achilleas Kallakis, a billionaire property tycoon, has been charged with a £61 million commercial mortgage fraud against Allied Irish Bank and Bank of Scotland.
Mr Kallakis, formerly Stefanos Kollakis, who spent an estimated £1 billion on trophy properties in London during the boom, appeared at City of London Magistrates’ Court accused of offences that allegedly resulted in a £56 million loss to Allied Irish and a £5 million loss to the Bank of Scotland.
Mr Kallakis and his business partner Alexander Williams, formerly Martin Lewis, face charges of conspiracy to defraud, forgery, fraud by false representation, money laundering and obtaining a money transfer by deception.
The £56 million related to losses on property loans made by Allied Irish to Mr Kallakis’s property group between 2003 and 2007 on a portfolio of assets.
The charges come after a Serious Fraud Office investigation. Both men are on bail pending a hearing at Southwark Crown Court in May.