Kiwi attempt to defraud the bank of england

Risk staff
01 Dec 2007

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Regulation

TAURANGA, NZ – A New Zealand man has been denied bail after his arrest over an alleged failed conspiracy to defraud the Bank of England out of up to £28 billion through the cashing of forged antique bank notes, some valued as highly as £500,000.

Brian Archer was arrested in New Zealand and faces extradition to the UK, where six other men face trial in connection to the attempted fraud.

It emerged in court that the gang told bank officials that the notes belonged to former Chinese officials; one note is alleged to be more than 116 years old. The prosecution claims that only 63 £1,000 notes are unaccounted for by the Bank of England, and that the highest valued notes were forgeries – as no such £500,000 note ever existed.

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