NSW Financial Crimes Squad opens investigation into Bill Papas and Forum Finance

·

NSW’s Financial Crimes Squad has started a formal investigation into Forum Finance and its founder Bill Papas, amid serious allegations of a $400 million fraud made by Westpac and two other banks, The Australian reports.

NSW Police referred the inquiries to the Financial Crimes Squad in late July after authorities were earlier alerted to allegations of fraudulent activity linked to equipment leases.

READ MORE: NSW Police push ahead with probe into Bill Papas and Forum Group.

The Financial Crimes Squad has now decided to initiate and pursue an investigation which, depending on material and evidence provided, may lead to charges being laid.

“Detectives attached to State Crime Command’s Financial Crimes Squad are investigating,” a NSW Police spokeswoman said on Monday. “No further information is available.”

Westpac, French bank Societe Generale and Japan’s Sumitomo Mitsui Banking Corporation have separately lodged Federal Court cases against Forum entities, Mr Papas and his fellow Forum director Vincenzo Tesoriero. 

READ MORE: Westpac slams Bill Papas evidence, Sydney tycoon pleads for cash to fly to Australia.

Papas in Thessaloniki, Greece. Photo: Australian Financial Review Weekend.

Mr Papas has been in Greece since June 21, after failing to show up for a Perth meeting on June 15 with management of WesTrac to explain alleged irregularities in accounts.

While flagging he wanted to return to Australia, Mr Papas then cited a positive COVID-19 test and lack of funds to purchase a return plane ticket as reasons he couldn’t get back.

READ MORE: ‘Extreme anxiety and panic attacks’: Bill Papas breaks silence on Westpac fraud allegations.

Source: The Australian.

greek film festival melbourne

Advertisement

Share:

KEEP UP TO DATE WITH TGH

By subscribing you accept our Terms of Service and Privacy Policy.

Advertisement

Latest News

Kogarah Orthodox Youth donate $3,000 to St George Hospital Paediatric Unit

The Kogarah Orthodox Youth presented a cheque for $3,000 to the Paediatric Unit at St George Hospital in Sydney.

St George Basketball star set to trial with Greek sister club

Jaxon Jon Frintzilas will travel to Greece to become the first St George representative player to visit and trial with Apollon Patras.

Sydney Olympic’s Damon Hanlin yet to lodge bid for Mariners investment, confirms APL

The APL has confirmed Damon Hanlin has not lodged any proposal to invest in the Central Coast Mariners. Read more here.

‘Music unites homeland with abroad’: Areti Ketime speaks ahead of Zeibekiko Festival Australia

Areti Ketime returns to Australia this October for the Zeibekiko Festival, bringing rebetiko, Smyrnaic and traditional songs with her.

Cyprus’ Chief Scientist strengthens research and innovation partnerships in Australia

Cyprus Chief Scientist Demetris Skourides has completed a week of high-level meetings in Australia, strengthening innovation ties.

You May Also Like

Parthenon Marbles advocate Emanuel Comino AM to deliver lecture in Canberra

Renowned cultural heritage advocate Emanuel J. Comino will deliver a public lecture on Wednesday, 15 May 2025, at the Hellenic Club in Woden.

Insight or Perspective: “Parents and grandparents need to model good reading behaviours”

"If we do not read, we can’t expect our children to be interested in reading either," writes Eleni Elefterias.

Greek government reiterates firm stance on extending territorial waters in Crete

In the future, Greece could also extend its territorial waters in other maritime areas, Nikos Dendias added.