Property Tycoon Charged with fraud in London

Achilleas Kallakis was a former Croydon Travel Agent before he became a property Tycoon in London.  Mr. Kallakis has been charged with several counts of fraud, forgery and deceptive practices in relation to mortgage fraud resulting in millions of pounds to lenders over the past five years.

Mr. Kallakis built and empire of ownership in London. One property is Victoria house the Telegraph newspaper titles and a Metropolitan Police Department. He has ownership in The Home Office’s Immigration and Nationality Directorate located in Croydon and the Department of Health’s offices located in Vauxhall.

Victims of Mr. Kallakis’s alleged fraud include Allied Irish Bank and Bank of Scotland. Bank of Scotland is now an arm of Lloyds Banking Group. The Serious Fraud Office was alerted of the alleged fraud when Allied Irish Bank took control and sold the properties involved. Allied Irish Bank booked over fifty six million pounds in losses. Bank of Scotland has booked over five million pounds in losses related to loan for shipping that it advanced to Mr. Kallakis’s business.

Mr. Kallakis has denied the allegations and the case will be tried in Southwark Crown Court.

The SFO has been investigating into the multi-million pound fraudulent loan allegations and found that Mr. Kallakis had gone by the name of Stephanos Kollakis. Kollakis with a o rather and a had been involved in several small defunct businesses that had few assets. The ventures included SS Manxman, A disco boat in West Dock in Liverpool, and the Electras nightclub in Dewsbury, West Yorkshire. Mr. Kollakis was able to reinvent himself as Achilleas Kallakis and become one of London’s leading players in real estate over the past decade. He has strike deal with the Barclay Brothers owners of the Telegraph, the Tchenguiz brothers own for real estate and the Reuben brothers own as property entrepreneurs.

An American website that lists who’s who in America describes Achilleas Kallakis as a patron of the English National Ballet, member of the development board for the National Portrait Gallery and that he has received a Churchill Award for Excellence. He also holds the title of ambassador of the Republic of San Marino to the Sultanate of Brunei.

The SFO is focusing their efforts in regard to lease payment guarantees that are provided by blue chip companies. The Blue-chip guarantee’s give lending institutions security when lending money on purchase properties that come with longer more lucrative leases. The properties in this case appear not to have such guarantee or have been lent funds on the believe that leases were to be longer than was submitted at the time the loan application was requested. The leases gave lending institutions a means to determine the amount of funds to lend on and in this case the amounts were inflated.

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