London property tycoon Achilleas Kallakis charged with £61m fraud

By Philip Aldrick, Banking Editor Published: 8:15PM GMT 01 March 2010

Achilleas Kallakis, a Greek aristocrat who has a home in Mayfair and splits his time in between Monaco and London, and his colleague, Alexander Williams, appeared in City of London Magistrates Court on Monday on charges of defrauding Allied Irish Bank and Bank of Scotland.

Mr Kallakis was one of the London skill scene"s majority distinguished dealmakers. Two years ago, he claimed to be construction the world"s majority costly penthouse appartment in St James"s Square and was ranked the 11th richest Greek with a �250m fortune.

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His skill book has enclosed the Department of Health construction in Vauxhall and the Home Office"s Immigration and Nationality Directorate in Croydon.

He has right away had to post bail of �140,000 and inform to Chelsea military hire once a week as he faces charges that lift a probable 10 year jail sentence. The Serious Fraud Office has been questioning the box together with the City of London police.

Mr Kallakis is purported to have hoodwinked AIB by claiming skill leases to tenants had higher rents and were sealed for longer durations than was the case. The tenants were companies allegedly related to Mr Kallakis. When AIB detected the purported fraud, it seized the properties and sole them, engagement a �56m writedown.

Bank of Scotland, right away owned by Lloyds Banking Group, allegedly lost �5m on a loan done in 2008 to Mr Kallakis to remodel a former packet that he programmed to spin in to a oppulance yacht.

The dual men are charged with dual counts of swindling to defraud, thirteen counts of forgery, five counts of rascal by fake representation, dual counts of income laundering and one equate of obtaining a income send by deception.

Mr Kallakis paid for sites from most of the skill elite, together with the Tchenguiz brothers, the Reuben brothers and Sir David and Sir Frederick Barclay, owners of The Daily Telegraph.

Mr Kallakis and Mr Williams are subsequent due to crop up at Southwark Crown Court on May 4.