Judges jail £740m fraudster for extra four years

In January, Achilleas Michalis Kallakis received a seven year sentence for his part in defrauding Allied Irish and Bank of Scotland of millions of pounds through forged guarantees of long-term rental agreements on his property portfolio. Government law officials appealed and yesterday Court of Appeal judges increased the sentence by an extra four years. Lord Justice Pitchford dismissed a previous judge’s interpretation that the fact the offenders had continued to make mortgage payments on the loans they had fraudulently acquired removed the crime from the most serious category of frau...