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London property tycoon Achilleas Kallakis charged with £61m fraud

0One of London’s most prominent property moguls could face up to 10 years behind bars after being charged with £61m of fraud.
Achilleas Kallakis (foto), a Greek tycoon who has a home in Mayfair and splits his time between Monaco and London, and his colleague, Alexander Williams, appeared in City of London Magistrates Court on Monday on charges of defrauding Allied Irish Bank and Bank of Scotland.
Mr Kallakis was one of the London property scene’s most prominent dealmakers. Two years ago, he claimed to be developing the world’s most expensive penthouse appartment in St James’s Square and was ranked the 11th richest Greek with a £250m fortune.
His property book has included the Department of Health building in Vauxhall and the Home Office’s Immigration and Nationality Directorate in Croydon.
He has now had to post bail of £140,000 and report to Chelsea police station once a week as he faces charges that carry a possible 10 year prison sentence. The Serious Fraud Office has been investigating the case together with the City of London police.
Mr Kallakis is alleged to have duped AIB by claiming property leases to tenants had higher rents and were signed for longer periods than was the case. The tenants were companies allegedly linked to Mr Kallakis. When AIB discovered the alleged fraud, it seized the properties and sold them, booking a £56m writedown.
Bank of Scotland, now owned by Lloyds Banking Group, allegedly lost £5m on a loan made in 2008 to Mr Kallakis to refurbish a former ferry that he planned to turn into a luxury yacht.
The two men are charged with two counts of conspiracy to defraud, 13 counts of forgery, five counts of fraud by false representation, two counts of money laundering and one count of obtaining a money transfer by deception.
Mr Kallakis bought sites from much of the property elite, including the Tchenguiz brothers, the Reuben brothers and Sir David and Sir Frederick Barclay, owners of The Daily Telegraph.
Mr Kallakis and Mr Williams are next due to appear at Southwark Crown Court on May 4.
(source: telegraph)

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