NSW Police push ahead with probe into Bill Papas and Forum Group

·

NSW Police’s Financial Crimes Squad is pushing ahead with a probe into Forum Group founder Bill Papas as Westpac and two other banks attempt to claw back funds lost in a $400 million alleged fraud.

According to The Australian, 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.

“In July this year, police received a report of an alleged multimillion-dollar fraud against a financial organisation,” a NSW Police spokeswoman said, according to The Australian.

“Initial inquiries were conducted by North Shore Police Area Command before the matter was referred to the State Crime Command’s Financial Crimes Squad. Inquiries are continuing and no further information is available at this time.”

Westpac has reported its allegations to NSW Police, the banking regulator and the Australian Securities & Investments Commission as it pursues Forum and Mr Papas in the Federal Court.

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

Last week, affidavits by Mr Papas were made public, revealing an empire of fast cars, houses and business interests spanning the globe.

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

Mr Papas has been in Greece since June. He failed to show up for a meeting in Perth in the middle of that month to meet management of WesTrac to explain alleged account irregularities.

He initially pledged to return to Australia before testing positive to COVID-19, and then requesting funds for a return plane ticket.

Westpac has initiated court action against Mr Papas in both Australia and New Zealand.

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

Source: The Australian.

Cretan Convention - Web Banner

Advertisement

Share:

KEEP UP TO DATE WITH TGH

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

Advertisement

Latest News

Review: A Cretan culinary journey with Peter Conistis at Ammos, Brighton-Le-Sands

To mark the first anniversary of Ammos at Brighton-Le-Sands, Sydney, Peter Conistis launched his much-anticipated regional dinner series.

Greek Welfare Centre launches 2025 Winter Community Appeal to support families in need

The Greek Welfare Centre will host its annual Winter Community Appeal on Thursday, 24 July 2025, at Marrickville Town Hall, from 9am to 4pm.

Fronditha Care finalists shine in national aged care awards

Ageing Australia’s 2025 You are ACE! Awards are a national initiative that recognises individuals making a positive impact in aged care.

Australia-Greece medical ties strengthen with push for mutual recognition of degrees

Efforts to enhance Australia-Greece medical cooperation were the focus of a meeting between Dr Pirpiris, Dr Pantos and Prof Arkadopoulos.

Cypriot Australian Koraly Dimitriadis wins US poetry award

Controversial, Cypriot-Australian poet, writer, performer, film and theatre maker, Koraly Dimitradis's first poetry book, Love and Fck Poems.

You May Also Like

Inspired by Greek tradition, driven by passion: The journey of By Stefanis

In the fashion industry, passion and determination are ‘must haves.’ If you don’t have them, you won’t succeed.

Adelaide pastor Daniel Menelaou arrested in US over child abuse material allegations

Daniel Menelaou, a 28-year-old youth pastor from Adelaide, has been arrested in the US on charges related to child exploitation material.

Sydney restaurateur, Bill Drakopoulos, scouting for staff overseas amid local shortage

Hospitality venues across Australia are scouting for workers overseas amid a local staff shortage. Bill Drakopoulos explains.