Feeds

Gang attempted to pass £500,000 notes, court told

Do not collect £28bn, do not pass go

Next gen security for virtualised datacentres

An Australian "lawyer" is part of a gang of six up before Southwark Crown Court accused of attempting to convince the Bank of England to honour a breathtaking £28bn ($64.83bn) in moody £1,000 and £500,000 notes, AFP reports.

The cunning plan centred on an "avalanche" of fake £1k bills and 360 so-called "special issue" £500k denominations. The former were withdrawn from circulation in 1943, with just 63 examples unaccounted for, while the latter never existed.

The court heard that the alleged crims' "chief" Chin "Daniel" Lim, 50, from Malaysia, together with Ross Cowie, 62, who "described himself as an Australian lawyer"; Kim Ming Teo, 41, "said to be another lawyer"; Ping Shuen Mak, 56, from Hong Kong; Kwok Kwong Chan, 55, from China; and Chi Kuen Chung, 53, from Hong Kong, attempted to persuade Bank of England officials that the currency "belonged to a family of former Chinese nationalist officials - the oldest of whom was aged 116".

Martin Evan, prosecuting, told the court: "This case concerns what the prosecution say was an audacious plan to present counterfeits, pieces of paper that resembled - the prosecution would say only slightly - bank notes in order to persuade the Bank of England to honour the promise all bank notes carry, the promise to 'pay the bearer' the amount shown."

Evans further explained that if the notes had been genuine, it would have meant they were "worth nearly three quarters of the £39 billion currently in use around the world".

Apart from the obvious flaw in the alleged scheme - the invention of a half-mil note - the jury heard that "the apparently forged signature on the notes was incorrect". AFP explains: "Sir Jasper Quintus Hollam - who was not appointed the chief cashier of the Bank of England until 1963 - always used his first two initials when signing his name, rather than just the second the alleged counterfeiters had used."

The defendants, all of whom live in the London area, are charged with one count of conspiring to defraud the Bank of England between 1 December 2006 and 27 March this year. All deny the charge. The trial is expected to last six weeks. ®

The essential guide to IT transformation

More from The Register

next story
Munich considers dumping Linux for ... GULP ... Windows!
Give a penguinista a hug, the Outlook's not good for open source's poster child
UK fuzz want PINCODES on ALL mobile phones
Met Police calls for mandatory passwords on all new mobes
e-Borders fiasco: Brits stung for £224m after US IT giant sues UK govt
Defeat to Raytheon branded 'catastrophic result'
Yes, but what are your plans if a DRAGON attacks?
Local UK gov outs most ridiculous FoI requests...
Detroit losing MILLIONS because it buys CHEAP BATTERIES – report
Man at hardware store was right: name brands DO last longer
Snowden on NSA's MonsterMind TERROR: It may trigger cyberwar
Plus: Syria's internet going down? That was a US cock-up
UK government accused of hiding TRUTH about Universal Credit fiasco
'Reset rating keeps secrets on one-dole-to-rule-them-all plan', say MPs
Caught red-handed: UK cops, PCSOs, specials behaving badly… on social media
No Mr Fuzz, don't ask a crime victim to be your pal on Facebook
EU justice chief blasts Google on 'right to be forgotten'
Don't pretend it's a freedom of speech issue – interim commish
prev story

Whitepapers

5 things you didn’t know about cloud backup
IT departments are embracing cloud backup, but there’s a lot you need to know before choosing a service provider. Learn all the critical things you need to know.
Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Build a business case: developing custom apps
Learn how to maximize the value of custom applications by accelerating and simplifying their development.
Rethinking backup and recovery in the modern data center
Combining intelligence, operational analytics, and automation to enable efficient, data-driven IT organizations using the HP ABR approach.
Next gen security for virtualised datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.