According to multiple complaints and available evidence, it is alleged to have been operating in this manner for nearly six years, misleading businesspeople both within the European Union and internationally.
Chase Paymentech Solutions was incorporated in Greece in November 2020 under the name Chase Paymentech Solutions Single-Member Private Company. From the outset, the company’s name created the impression of a direct affiliation with the US banking giant JPMorgan Chase. That impression was further strengthened in 2021, when an amendment to the company’s registration in Greece’s General Commercial Registry showed JPMorgan Chase NA listed as the sole shareholder, holding 100% of the company’s shares. This registry entry gave the appearance that the Greek entity was a subsidiary of the international banking group.
Around the same period, changes were made to the company’s management and registered address. Giorgos Kazamias was appointed managing director and is alleged, according to complaints, to be the key individual behind the disputed activities and the alleged defrauding of foreign entrepreneurs. He reportedly presented himself to businesspeople from Italy, Turkey and, more recently, Germany as a representative or executive of JPMorgan Chase, relying on the official corporate records of the Greek company to support that claim.
The activities of Chase Paymentech Solutions have been linked to serious allegations of fraud. One notable case occurred in June 2024, when the company appeared as an intermediary in a high-value sale of industrial equipment to a Turkish business. Although payments were made, the transaction was suddenly suspended, with references to force majeure and claims that Greek authorities were conducting checks related to possible violations of EU sanctions. According to the complaints, the funds were ultimately misappropriated by Giorgos Kazamias, leading the Turkish businesspeople involved to seek legal options against him in Greece.
More recently, Chase Paymentech Solutions attempted to enter into a Memorandum of Understanding with a German company operating in the renewable energy storage sector. During its due diligence process, the German company identified Dnews.gr’s reporting and contacted the publication. This exchange confirmed that there is no relationship whatsoever between Chase Paymentech Solutions and JPMorgan Chase, while the German company was also informed of the serious fraud allegations involving the firm’s representatives.
Despite the fact that the activities of Chase Paymentech Solutions are reportedly known to JPMorgan Chase’s Greek operations, it remains unclear whether any substantial legal action has been taken to date.
