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03 March 2010
A Greek property tycoon has been charged with committing £61 million commercial mortgage fraud. Achilleas Kallakis allegedly committed offences which resulted in financial loss being incurred by both Allied Irish Bank (AIB) and the Bank of Scotland.
The majority of the loss has been registered by AIB, which claims to have lost £56 million. Mr Kallakis, who has properties in London's Mayfair as well as in Monaco, appeared at the City of London Magistrates Court on Monday to face the charges.
The charges relate to losses on loans made to the tycoon's property group. He has since posted bail for £140,000, according to the Daily Telegraph, but will not appear before a judge again until 4 May, when he will stand trial alongside colleague Alexander Williams in Southwark Crown Court.
They will face charges including conspiracy to defraud, forgery and fraud by false representation, which come after the launch of an investigation by the Serious Fraud Office.
If you require legal advice, for either your private affairs or organisation, please call Buckinghamshire based B P Collins Solicitors on 01753 889995, complete the online enquiry form or email enquiries@bpcollins.co.uk.
Posted by Michael Larcombe
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