NSW Police have fast tracked their investigation into colourful soccer identity Bill Papas and his Forum Finance relating to the alleged $400 million fraud against Westpac and other lenders.

Mr Papas and the Sydney company he founded, Forum Finance, have been accused of facilitating a fraud worth at least $400 million, by falsifying documents and forging signatures to illegally obtain loans from Westpac, Société Générale and Sumitomo Mitsui Banking of Japan.

Mr Papas has failed to return to Australia despite initially saying he would return, first saying he had the coronavirus and then saying he needed money for his living expenses and paid-up return tickets to Greece before he could come home.

NSW Police recently elevated the case to its Financial Crimes Squad, operating under the NSW Crime Command function.

Detectives from the squad have already received reams of information from Westpac and other lenders embroiled in the scandal.

Westpac sources said the bank was today preparing an updated set of allegations against Mr Papas following an investigation by the bank’s internal and external investigators as well liquidators at McGrathNicol.

NSW Police declined to comment on the specifics of their investigation this morning when contacted by The Age and The Sydney Morning Herald or whether they were planning any arrests in the near future.

But the force released an updated statement regarding its investigations on Monday morning.

“In July this year, police received a report of an alleged multi-million-dollar fraud against a financial organisation,” NSW Police said.