Fraud allegations of almost $400 million against Forum Finance boss, Bill Papas, have widened to include his business partner in Greece and dozens of transactions in New Zealand, worth more than $40 million.
According to The Australian, Westpac Banking Corporation allege Anastasios Giamouridis also benefited from fraudulent transactions involving a string of businesses headed and owned by Mr Papas, including Forum and food waste digester firm Iugus.
The bank has been pursuing Mr Papas and Vincenzo Tesoriero in the Federal Court alleging the two used their position at Forum to defraud Westpac of almost $300 million through hundreds of illegitimate loan transactions.
READ MORE: NSW Police push ahead with probe into Bill Papas and Forum Group.
In a new statement of claims lodged by Westpac in the Federal Court on Wednesday and seen by The Australian, the bank alleges Mr Giamouridis received about $10.7 million across 20 transactions between June 2019 and December 2020 from a Forum entity, Forum Group Financial Services, that he was not entitled to.
The bank is conducting detailed funds tracking and tracing work and was scoping out whether others could be added as defendants to the domestic Federal Court action.
Wednesday’s filing marks a move to combine the New Zealand and Australian matters into one case, the bank alleging it was defrauded at least $40.22m in losses.
READ MORE: ‘Extreme anxiety and panic attacks’: Bill Papas breaks silence on Westpac fraud allegations.
Full Story: The Australian.
