A Greek Australian jeweler who was under investigation over an alleged multimillion-dollar fraud died before police could charge him, leaving customers and creditors with unresolved claims involving cash, precious metals and jewelry. Frank Athanasopoulos, 52, operated Timeless Gold Jewellery from Melbourne’s Collins Street and had worked in the jewelry trade for decades before his death in August 2026.
Victoria Police interviewed Athanasopoulos in October 2025 and reportedly intended to charge him with fraud offenses. No charges were filed before his death, meaning the allegations were never tested in a criminal court.
The case involved several customers who said they had handed over large sums of money or valuables during dealings with Athanasopoulos. One group alleged that about $320,000 was provided in February 2025 for a proposed gold transaction involving metal said to be available below market value.
Frank Athanasopoulos, a Greek Australian jeweler, died before facing fraud charges tied to alleged multimillion-dollar customer losses. pic.twitter.com/6qMuKiRFqu
— Tom Marvolo Riddle (@tom_riddle2025) October 7, 2026
Another longtime customer alleged losses linked to jewelry, silver and a Rolex. Reporting on the case placed the value of those dealings at about $335,000.
Greek Australian jeweler fraud claims grew as financial problems deepened
The broader financial picture became more complicated after Athanasopoulos entered voluntary bankruptcy. Records described in media reports listed more than $2.3 million in debts characterized as money “borrowed” from “friends.” Several people who said they lost money disputed that description and alleged the debts were connected to transactions they considered fraudulent.
Reports linked about $1.2 million to customers and investors interviewed about their individual claims, while the wider alleged losses were said to exceed $2 million.
Some customers also alleged that jewelry left with Timeless Gold Jewellery for cleaning, repairs or other work was never returned. Public reviews posted before the case attracted wider attention included complaints about missing rings, unpaid money and difficulty contacting the business.
Police investigation continued after Athanasopoulos’ death
Athanasopoulos had also faced serious health problems. In a 2024 public statement, he said he had undergone several operations for a cancerous sarcoma and had his left arm amputated in August 2023. He told customers at the time that he planned to continue making jewelry.
His business later closed in 2025, according to media reports. Australian Business Register records show his GST registration ended in June 2026.
Athanasopoulos died in August 2026, before the planned criminal case could proceed. Police were later reported as saying the wider investigation remained active and that other people could potentially face charges.
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