Varotsis was released on condition that he post’s bail of 300,000 Euros, does not leave the country and that he presents himself twice a month at an agreed Police station. He was among seven defendants for whom an arrest warrant was issued, accused of fraud and complicity in money laundering.
Varotsis handed the magistrate, Mr. Andreadis, a 70-page statement in which he denied the charges. He argued that when the loans were issued, Greece’s economic status was completely different and therefore no one could have expected that the loans wouldn’t be repaid.
According to the indictment, Varotsis was one of three bank executives who proposed the purchase of 50% of Bestline, Dimitris Kontominas’ company, from the TT. He also issued loans to entrepreneur Lavrentiadis and Kyriakos Griveas and his wife Anastasia Vatsika.