Bank cheques thought to he ‘as good as gold’

Press, 3 November 1984, Page 30

Bank cheques thought to he ‘as good as gold’

PA Auckland A bullion dealer conned out of nearly $50,000 by a Erofessional counterfeit ring elieved bank cheques were "as good as gold.” Mr Neville Scarlett, owner of the Bullion Consultants International, has said that if he had been E resented with a $300,000 ank cheque he still would have handed over the equivalent value in gold. The Queen Street businessman was the victim of a counterfeit A.N.Z. bank cheque for $49,848 used to buy 67 gold Krugerrands last month.

Mr Scarlett said that when A.N.Z. Bank staff told him the cheque was a forgery “he was in complete shock ... I realised I had a

major problem.” Mr Scarlett said the “con” started in early September when a man telephoned him asking him when the best time would be to enter the gold-buying market.

“He knew we had the gold and he mentioned that he had the money. Several weeks later (on October 17) he came in with a bank cheque. “We always accepted bank cheques — they are the next best thing to cash. We have never had any Sroblems with them before, ley are as good as gold,”’ he said.

Eight days later the bank informed him the cheque was a fraud. The gold had been sold to another gold dealer, Auckland Coin and

Bullion Exchange, in the meantime.

But now it is “once bitten, twice shy,” according to Mr Scarlett. His business will not accept bank cheques again without first confirming the amount with the appropriate bank. “In hindsight I am very thankful it was not a larger amount,” he said. “Fortunately, the $50,000 loss has not affected the day-to-day running of the business.”