Today at Southwark Crown Court, the Serious Fraud Office (SFO) confiscated £250,000 from Achilleas Kallakis, one of the convicted fraudsters behind the UK’s largest ever mortgage fraud, held at the prestigious West London sports club, The Queen’s Club.
SFO investigators identified the £250,000 debenture by tracing the funds through a complex chain of offshore accounts, including a purported family trust, to his £740 million fraud.
Mr Kallakis’s name was displayed prominently alongside other notable members on the Debenture Board in the club’s reception in return for the debenture that he purchased in 2007. He also received club membership and access to its annual men’s tennis championship.
The ruling today means the money can be recovered and added to Mr Kallakis’ original confiscation order of £3.25 million.
The SFO has secured over £3.5 million from Mr Kallakis to date. In March this year, the SFO recovered £92,500 in proceeds of crime that Mr Kallakis had donated to his child’s school, and then sought to recover when the family’s name was removed from its theatre. The SFO’s ongoing proceeds of crime investigation into his assets remains ongoing.
Nick Ephgrave QPM, Director of the Serious Fraud Office (SFO), said:
Today we have put a stop to another attempt by Mr Kallakis to conceal the proceeds of his crime and launder his tarnished reputation. The SFO will continue to pursue criminals, no matter how long ago they were convicted or where they try to hide their assets, to ensure they don’t profit from their crimes.