Sydney businessman Bill Papas is missing after fraud allegations worth millions emerged from Westpac

High-flying Sydney soccer figure at centre of alleged $200million scam VANISHES amid fraud investigation – in eerily similar circumstances to Melissa Caddick

  • Bill Papas disappeared after he was accused of $254.5 million fraud
  • Discrepancies were raised leading to the funding of multiple contracts 
  • After missing a bank interrogation, Mr Papas has ‘not been contactable or seen’
  • Westpac says further investigation of Mr Papas’ defense appears ‘to be false’

A soccer executive has disappeared without a trace while being investigated for fraud over multi-million dollar contracts.

Basile Papadimitriou, also known as Bill Papas, remains missing after allegations of a $200 million fraud were raised by Westpac mid-June. 

The entrepreneur’s vanishing act drew comparisons to Sydney businesswoman Melissa Caddick who vanished while being investigated by ASIC.

Caddick disappeared from her clifftop mansion on November 2 and her decomposing foot washed ashore on the south coast of NSW in late February.

Basile Papadimitriou, aka Bill Papas (pictured left) has vanished after millions of dollars of  fraud allegations emerged on behalf of Westpac

Mr Papas’ business Forum Finance, started in 2011, offers arranged lease financing from banks to its clients for office equipment, computers and software.

The banks then pay the funds to an entity, subsequently receiving regular lease payments.

Forum Finance clients included Findex, HWL Ebsworth, the Cerebral Palsy Alliance, Smart Group, and Channel Seven-owned WesTrac.

Westpac discovered the alleged fraud leading to an investigation when Westrac, applied for finance for office products with the bank in early June.

The bank discovered it already provided financing for Westrac through Forum Finance.

WesTrac confirmed funds were in fact accessed through a Forum Finance loan for equipment worth about $9 million under its name, yet had no record of obtaining the funds.

Mr Papas' vanishing act drew comparisons to Sydney businesswoman Melissa Caddick who vanished while being investigated by ASIC

Mr Papas’ vanishing act drew comparisons to Sydney businesswoman Melissa Caddick who vanished while being investigated by ASIC 

Further investigations undertaken by Westpac into six more loan contracts financed by the bank allegedly showed the assets financed did not exist, with just one of the advances for equipment amounting to $211 million.

When Westpac questioned Mr Papas, he failed to attend a meeting scheduled to discussed the allegations on 15 June and according to the bank has, ‘since that time not been contactable or seen’.

‘Contact with Forum Finance and Mr Papas was initially made on 10 June 2021 about what was then thought to be an anomaly with WesTrac’s contracts,’ Westpac said.

Mr Papas (pictured) failed to attend a scheduled meeting with Westpac to discuss fraud allegations made against his business equipment loan company, Forum Finance

Mr Papas (pictured) failed to attend a scheduled meeting with Westpac to discuss fraud allegations made against his business equipment loan company, Forum Finance

‘Mr Basile Papadimitriou in one of his last communications with Westpac provided an explanation which, on further investigation… [appears] to be false. 

‘Westpac has paid an amount in excess of $254.5 million to Forum Finance in Australia pursuant to equipment contracts with the seven customers: The substantial bulk of which [appears to be] a forgery’.

Federal Court proceedings have since been filed against Forum Finance by Westpac.

Mr Pappas has since resigned from the board of the Sydney Olympic Football Club, a member of the professional National Premier League.

European financial services group Societe Generale also sued Forum Finance and Mr Papas for alleged fraud with potential loses estimated to be around $9 million.

‘We have commenced legal proceedings in relation to a potential fraud. We are not able to comment further.’ the bank said. 

Mr Papas has not filed a defense with his whereabouts still unknown.