Fraudster who duped AIB for millions gets jail term extended

Confidence trickster Achilleas Kallakis, who received a seven-year jail sentence in January, will spend a further four years behind bars after a top British government lawyer called on senior judges for a tougher sentence.

Kallakis, 44, duped AIB and other banks out of more than £740m (€575) by posing as a property tycoon based in Mayfair.

Solicitor General Oliver Heald referred the case of Kallakis and that of his old university friend-turned-forger, Alexander Williams, to the Court of Appeal after both men were found guilty in January of two counts of conspiracy to defraud.

“We are pleased that the court agreed that consecutive sentences were required to reflect the fact that two separate banks fell victim to the offenders,” Mr Heald said.

Williams, who produced forged documents to back up Kallakis’s applications for loans, was initially handed a five-year jail term. He will now serve eight years behind bars.

Between 2005 and 2008, the men created an elaborate and fraudulent network of business arrangements through which they borrowed huge amounts of money to buy a commercial property empire and fund lavish lifestyles.

Kallakis maintained a fleet of Bentleys, a private jet, helicopter, and a luxury yacht in Monaco.

The bulk of the loans were secured from AIB, although Bank of Scotland lost €5m after agreeing to a loan the men said was to convert a passenger ferry into a luxury yacht.

The banks’ lax risk controls and background checks were also criticised during earlier court proceedings.

— Reuters