Man faces extradition over alleged $75bn fraud

A bail appeal has been dismissed for a Tauranga man who is facing extradition to the UK for his alleged part in a multi-million pound fraud.

Fifty nine-year-old Bryan Archer was declined bail at the Tauranga District Court yesterday, and appealed the decision at the High Court in Rotorua today.

His defence lawyer Bill Nabney said his client was refused bail yesterday because the district court judge felt he was a flight risk. He claims this is not the case.

Justice Grahame Lang agreed Archer was not likely to abscond, but said he believes his residence and work situation is shady.

Archer will reappear on November 28 for a judge to consider the British bid to have him extradited.

He is one of seven people accused of conspiring to defraud the Bank of England of $75 billion by claiming to have stockpiles of early 20th century bank notes which they wanted to exchange for modern day currency.

- NEWSTALK ZB