AMAZING FRAUDS
BANK LOSES £1,000,000 COMPELLED TO CLOSE Australian and N.Z. Press Association I BERLIN, April 9. The plausibility of a Russian refugee, and the credulity of bank directors, has compelled the closing of the Rafteinsen Bank, whose business was lending money to farmers and co-operative societies;- A refugee named Ouraltzoff, who is now in gaol, defrauded the bank of £I,CCO,OCO 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. I-Ie 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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Bibliographic details
Poverty Bay Herald, Volume LV, Issue 16923, 11 April 1929, Page 7
Word Count
140AMAZING FRAUDS Poverty Bay Herald, Volume LV, Issue 16923, 11 April 1929, Page 7
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