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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
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.