AIB and fraud

Two men have now been charged with one of the UK's biggest property frauds which saw Allied Irish Banks lose st£56 million. Achilleas Kollakis persuaded the bankers he was a big player in the property market. He got loans thanks to having blue-chip tenants for various properties (such as UK government agencies.) The claims were fake or exaggerated. Read the press release from the Serious Fraud Office here and follow the links through a previous post for more information on Kollakis' colourful life.

FRAUDSTER named

The man at the centre of the massive mortgage fraud in which Allied Irish Bank was targeted was named in today's Guardian as Stefan Kollakis. In 1995 he was convicted of selling bogus feudal titles to foreigners for as much as st£85,000. While working in a travel company he set up a fake 'heraldic institution'. He later re-invented himself as Achilleas Kallakis and was able to fake enough references to persuade lenders to to hand over millions of pounds to build up an impressive property portfolio between 2003 until 2007.

SCAM central

It's been a busy day for fraud. City of London Police are investigating a €56 million mortgage fraud in London in which Allied Irish Bank were hit. It certainly makes the figures for mortgage fraud given to the Irish Fraud Bureau by the banks look pretty light on reality. At least my one blog subscriber can say: "He told me so."

Back in Dublin three car-dealers and a tax official were charged at Tallaght District Court over tax dodging on imported cars - this is a story that has legs (as they say in the business). Those charged are Lee Cullen, Richard Mockler and John Dunne along with taxman Gerard Blaney.

As if that's not enough Customs seized eight million cigarettes worth €3.2 million at a warehouse in Carrick-on-Suir, in a surveillance operation. The container of Benson and Hedges cigarettes originated in China and was shipped through Dublin port. If the Government raises taxes on cigarettes as expected in the up-coming budget then the smugglers and counterfeiters are going to make even more money.

Finally, old Tom the Con is back in front of the judge. Tom O'Loughlin, made famous by an afternoon radio talk show, Liveline on RTE1, was back up to his old tricks. The small-time grifter used to stay in hotels and bounce cheques and became a minor celebrity as listeners phoned in about his latest caper and his whereabouts. He was in Dublin Circuit Court today charged with taking deposits for an apartment from two foreign nationals. Tom has 41 previous convictions, mostly for fraud and will be sentenced next month. His defence lawyer mentioned that Tom was the primary carer for his ill girlfriend. The judge said that he was written confirmation of this as the woman "could be a figment of our imagination" considering Tom's track record. Wise judge.