A joint investigation between The Age, The Sydney Morning Herald and 60 Minutes has exposed what is alleged to be one of Australia’s biggest frauds.

Bill Papas, a former president of Sydney Olympic soccer club, is accused of orchestrating one of the largest frauds in Australian history — an alleged $500 million swindle of Westpac and two international lenders.

Mr Papas fled to Greece last June, weeks before Westpac lodged Federal Court proceedings against his company, Forum.

The Federal Court has since issued an arrest warrant for Papas, for allegedly breaching freezing orders.

After eight months, Bill Papas broke his silence on Sunday in response to the investigation by the Herald, the Age and 60 Minutes.

Today on Please Explain, business reporter Sarah Danckert joins Bianca Hall to discuss the investigation.