IMPUDENT FRAUD

Dominion, Volume 24, Issue 54, 27 November 1930, Page 11

IMPUDENT FRAUD

Portuguese Bank Case COUNSEL REVEALS DETAIL London, November 24. As a sequel to Portuguese bank note frauds in 1925, the Bank of Portugal is suing Waterlow and Sons, London, printers, in the King’s Bench, claiming £1,115,000. Tbe bank’s counsel said that a Dutchman named Ma rang, who later was discovered to be a member ot a gang of International forgers, went to Waterlows with a letter of introduction from a Dutch firm, and saw Sir William Waterlow, ex-Lord Mayor ot London, who was then chairman of tne firm. He told a story which, the bunk submitted, was incredible. It revealed a plot so full of leaks and boles that it was amazing to find that it was successful. Swindler’s Story; Marang said that a-group of finan ciers had decided to assist the Portuguese colony of Angola, which was fianancially embarrassed. He produced documents, which turned out to be forgeries, authorising a Dutchman named Reis, on behalf of the syndicate, to print notes to the face value of £2,000,000, and also the Bank of Portugal’s authority for these. Specimen notes were attached. The documents showed portraits of the poet Devos. Waterlows pointed out that another firm had printed the specimen notes, but Marang said that the Vasco da Gama notes, which Waterlows printed for the bank, would be acceptable. Marang Impressed upon Waterlows the need of secrecy, and all correspondence with the Bank of Portugal, except one letter, passed through the hands of Marang. who, with his associates forged replies. Warning Ignored. Meanwhile, Waterlow’s agent In Lisbon warned the London house that the Bank of Portugal had not authorised the Issue of colonial notes, and also that many rumours were current, regarding which it was unsafe to write, but Waterlows ignored the warning, and delivered the notes, after which Marang ordered a further £7500. All the notes were printed in series, and were identical with the authorised issue, resulting in tbe bauk being unable to distinguish them. Not. all of the £580.000 notes printed were circulated, but the bank paid Mnraug’s notes to the value of £1,706.000. Eventually they were forced to withdraw tbe whole of the Vasco de Gania issue. Counsel added that Reis and another were sentenced at Lisbon to twenty-live years’ transportation. Marang had been sentenced to two years’ imprisonment at The Hague, but in the meantime had disappeared. '.Che case was adjourned.