Along with the police, Westpac has reported its allegations to the banking regulator and the Australian Securities and Investments Fee, The Australian reported. The financial institution can also be pursuing Papas, his enterprise associate Vincenzo Tesoriero, and Discussion board in Federal Court docket. Papas’ and Tesoriero’s property have been frozen.
Papas, the proprietor of soccer membership Xanthi FC, was additionally Sydney Olympic Soccer Membership president earlier than the allegations led to his ouster.
Westpac is trying to get well about $294 million it says it was defrauded of. The financial institution says that Papas and Discussion board stole the cash by forging signatures and utilizing phony paperwork to acquire unauthorised loans.
Learn extra: Papas is lying about his assets – Westpac
French financial institution Societe Generale and Japanese entity SMBC Leasing and Finance have additionally accused Discussion board and Papas of fraud, The Australian reported.