A property tycoon is set to appear in court in May charged with committing £61 million mortgage fraud.
Property investment tycoon Achilleas Kallakis has been charged with committing £61 million
commercial mortgage fraud.
The crimes were allegedly committed against Allied Irish Bank (AIB) and the Bank of Scotland who provided
sources of finance for the investor between 2003 and 2007.
AIB lost an alleged £56 million as a result of deals done on London property investments, while the Bank of Scotland is alleged to have lost £5 million.
The Greek tycoon has a home in Mayfair, but also spends time in properties in both Monaco and London.
Mr Kallakis appeared in the City of London Magistrates Court on Monday alongside colleague Alexander Williams.
The pair are due to appear in Southwark Crown Court on May 4th.
Meanwhile, a Bromley mortgage broker Dele MacAuley has been fined £115,157 this week for knowingly submitting nine fraudulent mortgage applications for himself, his wife and his brother.
He has also been banned for working in regulated financial services.
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