Sydney business tycoon Basile Papadimitrou, also known as Bill Papas, embroiled in alleged fraud worth $290 million was reported as vanished.

Reports in the Greek and Australian press indicate that Mr Papas, head of Forum Finance which is accused of faking invoices to procure financing from banks, is actually in Thessaloniki.

Bill Papas took over Greek second division football club Xanthi FC in August 2020 and it had been reported in 25 May 2021 that he would travel to Greece. It is expected that he will soon make announcements regarding the Xanthi club.

Greek Celebrity Lawyer Alexis Kougias, known for his representation of high-profile clients and major shareholder of AE Larissa FC, told Greek sports outlet SportTime that he is set to make a statement concerning Mr Papas’ role in the scandal reported on in the Australian media.

He said that “AEL FC had been informed by international newsagencies about the disappointing developments which place Xanthi FC owner Bill Papas in the centre of a $200-million scandal,” he said.

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To be in Greece, Mr Papas would have had to apply for a travel exemption, which is given in cases of business but also on compassionate grounds, however the Australian Border Force has not yet revealed as to whether Mr Papas was granted such an exemption.

The Australian Financial Review visited his Rozelle house in Sydney and found that the blinds were closed and a double carport was empty indicating that residents were away.

Speculation was rife after Westpac revealed that Mr Papas could not be contacted.

Westpac alleges that it had already provided financing for WesTrac via the Greek Australian entrepreneur’s business Forum Finance.

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WesTrac confirmed that funds had been accessed via Forum Finance, owned by Mr Papas, for a loan of around $9 million under its name, however it had no record of obtaining the funds.

Further investigations followed and it was discovered that six more loan contracts financed by the bank allegedly showed assets financed which did not exist.

Equipment financier company Forum Finance, was created in 2011, to offer arranged lease financing from banks to clients for office supplies, equipment and software.