Greek Poker Player Stings Irish Bank

Achilleas Kallakis, the Greek property developer and poker enthusiast, has been remanded on bail until May 4 after being charged with conspiracy to defraud, forgery, fraud by false representation, money laundering, and deception yesterday.

The Irish Independent newspaper today reported that Allied Irish Bank (AIB) lent Kallakis over €700 million over five years for blue chip property investments and that he could, “yet prove to be one of the most dangerous customers AIB has ever had on its books.”

AIB today reported its first ever full year loss of €2.6 billion and is mired in controversy as one of Ireland’s two largest banks which helped fuel the property boom central to the country’s continuing recession.

The newspaper described Kallakis as, ”a member of some of Britain’s most exclusive social clubs and as recently as two years ago he was developing the world’s most expensive penthouse apartment in St James’s Square.”

Kallakis’ property empire began to crumble when AIB became concerned about the guarantees he gave for loans and the bank reported him to the authorities.

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