SFO's prosecution of £60m property fraud begins

clock

The Serious Fraud Office (SFO) has begun its prosecution of two men who set up fake companies and changed their names to defraud Allied Irish Bank and Bank of Scotland out of £60m.

The SFO began its prosecution of property and shipping businessman Achilleas Kallakis and co-defendant Alexander Williams on September 29 at Southwark Crown Court. Both men have been charged with 21 counts of conspiracy to defraud, forgery, fraud by false representation, money laundering and obtaining a money transfer by deception, reported the Financial Times. They have also been accused of using forged documents, including letters from Credit Suisse, to mislead the banks about Kallakis' personal wealth and his associated businesses. One letter claimed the Kallakis family had more th...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Mortgages

Client conundrum: Mortgage overpayments versus investments

Client conundrum: Mortgage overpayments versus investments

1.4 million people will see mortgage deals end this year

Laura Suter
clock 22 February 2023 • 3 min read

Summer economic update: Sunak confirms stamp duty holiday in 'mini-Budget'

Mini Budget

Hannah Godfrey
clock 08 July 2020 • 2 min read

FCA sounds alarm on equity release advice

'Tick-box exercise'

Hannah Godfrey
clock 17 June 2020 • 1 min read