SYDNEY SENSATION

Poverty Bay Herald, Volume LV, Issue 17146, 31 December 1929, Page 11

SYDNEY SENSATION

HUGE FRAUD ALLEGED INSURANCE HEADS ARRESTED (Elec, Tel. Copyright—United Press Assn.) (Received Dec. 31, 3 p.m.) SYDNKY, Dec. 31. A» sensation has been caused by a raid by detectives on the offices of the Property Insurance Co. Ltd., Pitt street, and the arrest of John Gunn, the managing director, and William ,J. Beckett, a director, who later were charged with conspiring between January 1, 1927, and December 27, 1929, to defraud members of the, public. The police stated that £150,000 is believed to be involved. A detective for some weeks has been engaged in investigating tho formation and operation of the company, which began business in 1527 with an authorised capital of £200,000. I lis work was done so quietly that the staff were dumbfounded when their labors were suddenly interrupted by the entry of detectives and police who took away books and papers considered needful for prosecution purposes. Gunn was for many years in legal practice in Sydney, and Beckett is connected with Beckett's Newspapers. t\ third man. Allan Fraser I louden, was also before the court in connection with the siime charge. All were remanded until January 6, bail being allowed.