€40bn conspiracy to defraud bank

POLICE in New Zealand have arrested a man in connection with an alleged £28 billion (€40bn) conspiracy to defraud the Bank of England.

Officers said Brian Archer, 59, was to appear in court in Tauranga last night, facing extradition to Britain.

The alleged scam involved an audacious bid to cash rare bank notes with face values of up to £500,000.