Federal Court determines Bill Papas' $500M fraud involving falsified invoices and banks in 2018-2021, with Westpac pursuing asset recovery.
A Federal Court found that Bill Papas orchestrated a $500 million fraud involving falsified invoices, defrauding banks including Westpac and Societe Generale from 2018 to 2021. Papas fled to Greece after the scheme was exposed. Evidence, including a notebook detailing the fraud, was discovered, allowing Westpac to pursue asset recovery. Liquidators are tracing the funds, and a court hearing is set for October 28 regarding further actions.
October 11, 2024
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