He presented himself as a tycoon, flaunting expensive watches, piles of cash, and gold sovereigns — but in reality, he was broke. This is what emerges from the claims made by the alleged leader of the ring, who promised big winnings from casino games, during his testimony.

The defendant, who has already been ordered into pre-trial detention, stated that he is addicted to gambling, adding that he has no financial means and that even his house is going to auction in January.
“They knew the money would be gambled at the casino, and I never told them they were lending to the casino business, which does not need loans from pharmacists or other wealthy individuals,” he argued.

The victims of the ring, however, paint a completely different picture. They describe deliberate displays of wealth by the defendants, including expensive dinners, fine wines, hundreds of thousands of euros in cash scattered around the suite where meetings took place, and piles of gold sovereigns.

All lies, according to what the alleged leader claims.
“The so-called gold sovereigns that supposedly had inscriptions from many years ago, the fake €100 watches, and the cash—which was also fake—were never shown by me as a means of fraud. It was simply my attempt to impress people and to show those who entrusted me with their money that I lived a luxurious life from gambling winnings. As a player, I had some privileges, like eating at the casino’s luxury restaurants and getting a suite as a bonus because I was a high-roller,” he said.

He then referred to the complainants, claiming the money they gave him was undeclared and untaxed.

“Their money, by their own admission, was black, undeclared, and untaxed. (…) When Mr. Martikas received his weekly 20% interest, everything was wonderful and I was ‘little Alekakis,’ not a fraudster or a supposed ring leader. Mr. Martikas has been paid back by me — he gave me €35,000 and I returned €45,000. There is proof. (…) The complainants willingly gave their money without fraudulent promises and expected outrageous loan-shark profits of 60–80% per month. They told me they didn’t care much because the money was black and untaxed,” he said.

“I am not the leader of any criminal organization. I am completely innocent. All I did was mediate without fraud and take money to gamble and win, paying loan-shark interest to the complainants. When the money was lost—since I didn’t always win and couldn’t return the funds—they labeled me a fraudster,” he insisted.

Leader and second-in-command jailed

He did not manage to convince authorities, and both he and the businessman alleged to be his deputy were ordered into pre-trial detention after their testimonies.

The attorney of the alleged ringleader, Dimitris Avlonitis, said that before the investigative judge and prosecutor, “we raised serious legal and criminal issues regarding the ‘future event’ and fraud, but they decided at this stage of the process that he should be held temporarily.” He added that they proposed an electronic bracelet, but “Corinth does not have such a system, so it was rejected.”

According to Avlonitis, the accused explained to authorities “how the casino operates and why high-rollers are given suites.”
Asked whether he took money from Spyros Martikas, he replied: “He took €25,000 and returned €35,000. In three days, he gave him €10,000 profit. He gave him another €35,000 and received €50,000. Mr. Martikas benefited by €25,000 from my client — 100% profit in a month.”