NSW Police’s Financial Crimes Squad are continuing an investigation into Forum Group founder Bill Papas as Westpac and two other banks attempt to recover funds lost in an alleged $ 400 million fraud.
According to the australian, NSW Police referred the investigations to the Financial Crimes Squad in late July after authorities were alerted earlier to allegations of fraudulent activity related to the rental of equipment.
“In July of this year, police received a report of suspected multi-million dollar fraud against a financial organization,” an NSW police spokeswoman said, according to The Australian.
“The first investigations were carried out by the North Shore Police Area Command before the matter was referred to the Financial Crimes Squad of the State Crime Command. Investigations are continuing and no further information is available at this time. “
Westpac reported her allegations to NSW Police, the banking regulator and the Australian Securities and Investments Commission as she sues Forum and Mr Papas in Federal Court.
READ MORE: “Extreme anxiety and panic attacks”: Bill Papas breaks silence on Westpac fraud allegations.
Last week, affidavits from Mr Papas were made public, revealing an empire of fast cars, homes and business interests spanning the globe.
Mr. Papas has been in Greece since June. He did not show up to a meeting in Perth in the middle of the month to meet with WesTrac management to explain the alleged irregularities in the accounts.
He first pledged to return to Australia before testing positive for COVID-19 and then requesting funds for a return plane ticket.
Westpac has taken legal action against Mr. Papas in Australia and New Zealand.
READ MORE: Westpac slams the evidence of Bill Papas, the Sydney tycoon demands money to fly to Australia.
Source: The Australian.