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Men defrauded central bank, it is alleged

A man has been arrested after an alleged conspiracy to defraud the Bank of England of $58.4 billion.

Brian Archer, 59, faces extradition to the UK. from New Zealand, where he was arrested, when he appears in court in Tauranga after an alleged scam involved a bid to cash rare bank notes, some valued at $1 million.

According to reports from the BBC, six others were on trial at London's Southwark Crown Court.

The court heard that the gang told officials the notes in question belonged to former Chinese nationalist officials, one was alleged to be over 116 years old.

However the prosecution claims that only 63 $2,000 notes remain unaccounted for by the central bank and $1 million notes never actually existed.

All the men deny one charge of conspiring to defraud the Bank of England, between December 1st 2006 and March 27th 2007.

The trial continues.