Bill Papas spotted relaxing in Greece as judgement day looms on fraud case

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Alleged fraudster Bill Papas has been spotted relaxing in Greece just days before an Australian court set a judgement date for his $500 million Forum Finance alleged fraud case.

Papas has been overseas since June 2021 after he fled Australia for Greece after Westpac discovered an allegedly massive fraud perpetrated on the bank through allegedly fake asset financing agreements.

Westpac claims that Papas’ Forum Group orchestrated a fraudulent lease scheme, resulting in the bank, Societe Generale, and Sumitomo Mitsui Banking Corporation handing over $500 million for printers, office equipment, and waste digester machines that allegedly didn’t exist.

The alleged scheme went undetected for years because Forum consistently made lease payments, only coming to light after a customer inquired about their loan headroom with Westpac.

Papas allegedly sketched out the fraud in a notebook, which was seized during a raid on Forum’s office by lawyers. He also allegedly used some of the money from the Forum fraud to purchase luxury properties in Greece and a Superleague 2 team Xanthi FC.

Bill Papas (President Xanthi FC), Tony Popovic and Damon Hanlin (former Board Member Xanthi FC).

On Wednesday, the Federal Court of Australia confirmed it would deliver judgement on the Forum Finance case in October 2024, about 20 months after hearings finished.

A court spokesman said the delays in delivering a judgement on the case were due to Justice Elizabeth Cheeseman sustaining serious injuries in a car crash shortly after arguments concluded in February last year.

Throughout the whole fraud case, Papas has remained overseas and is currently enjoying a Greek summer – as evident from pictures obtained by The Greek Herald.

Bill Papas in Greece
Bill Papas has been spotted relaxing on a beach in Greece. Photo copyright The Greek Herald.

The outcome of the case could set in motion further efforts to recover funds from companies in the Forum Group or associated with figures within the business.

NSW Police have also held an open file on the alleged fraud, with the fraud squad awaiting the outcome of Justice Cheeseman’s judgement.

Source: The Australian

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