London property mogul faces 23 charges.
One of London’s most successful property moguls has appeared in the Magistrates Court charged with 23 fraud -related offences. 41 year old Achilleas Kallakis formerly known as Stefanos Kollakis, and his business associate Alexander Williams, formerly Martin Lewis, are now remanded on a conditional bail awaiting the next hearing on 4 May.
Accruing a £1billion fortune in the property game with family stakes in investment firm the Pacific Group, Kallakis was also a highly successful poker player, nicknamed The Don. But an investigation launched in May 2008, in relation to property loans received from Allied Irish Banks PLC and shipping loans received from Bank of Scotland, has seen Kallakis and Williams 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.
The loans received from the AIB between 2003 and 2007 resulted in losses of £56 million whilst the shipping loans from BoS made in 2008 resulted in losses of around £5 million. The alleged fraud involved falsifying leases which were for longer periods and at higher rents than the existing tenants’ leases in order to increase the value of the properties. Searches were conducted at Kallakis’ office and two residential addresses in March last year.
If found guilty both parties could face up to ten years in prison.