£1,000,000 SWINDLE
GERMAN BANK’S LOSS RUSSIAN REFUGEE’S RUSE (United P.A.—By Telegraph — Copyright) BERLIN, Tuesday. The plausibility of a Russian refugee and the credulity of the directors of the Raffeinsenbank, have rendered necessary the closing of that institution. The business of the bank was that of lending money to farmers and co-operative societies. The refugee, a man named Ouraltzeff, is now in gaol. He defrauded the bank of £1,000,000 in the shape of credit for which worthless securities were exchanged. The following are instances of his methods. Ouraltzeff secured advances on the strength of goods in a warehouse in Berlin which were subsequently removed. He also secured £500,000 on commodities stored in Berlin, and when the bank sent its own valuers to appraise the security they found it trivial and worthless. A few gems in a cash-box, on which the Russian had been able to borrow £40,000, realised only £750 when they were sold.
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https://paperspast.natlib.govt.nz/newspapers/SUNAK19290411.2.88
Bibliographic details
Sun (Auckland), Volume III, Issue 635, 11 April 1929, Page 9
Word Count
153£1,000,000 SWINDLE Sun (Auckland), Volume III, Issue 635, 11 April 1929, Page 9
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