BANK DEFRAUDED.
PLAUSIBLE RUSSIAN REFUGEE. WORTHLESS SECURITIES. (Australian Press Association.) BERLIN, April 9. The plausibility of a Russian refugee and the credulity of bank directors have compelled the closing of the Raffeinsenbank, whose business was the lending of money to farmers and cooperative societies. A refugee named Ouraltzeff, who is now in gaol, defrauded the bank of £1,000,000 in the shape of credits for which worthless securities were exchanged. As instances of his methods, he secured advances on the strength of goods in a warehouse in Berlin and subsequently removed. He also secured £500,000 on commodities stored in Berlin. When the bank sent its own valuers to appraise' the security they found it trivial and worthless. A few gems in a cashbox on which the Russian had been able to borrow £40,000 brought only £750 when sold.
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Manawatu Standard, Volume XLIX, Issue 112, 11 April 1929, Page 7
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137BANK DEFRAUDED. Manawatu Standard, Volume XLIX, Issue 112, 11 April 1929, Page 7
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