KEY POINTS:
A man allegedly involved in a multi-billion dollar scam targeting the Bank of England was refused bail when he appeared in Tauranga District Court this afternoon.
A lawyer representing Bryan Walter Archer, 59, a semi-retired company director, today presented two new affidavits in support of bail for his client.
But Judge Michael Crosbie said they contained nothing to convince him that bail should be granted.
Judge Crosbie said on Wednesday there was "a real and substantial risk" Archer would fail to reappear if he was released from custody.
Archer 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.
Allegedly all forgeries, the so-called money stockpile included rare 1000 pound notes and non-existent 500,000 pound notes.
The six co-accused in the conspiracy - an Australian and five Chinese - are on trial in London's Southwark Crown Court.
Archer was arrested at a Tauranga house on Tuesday after Interpol sought help from New Zealand police to track him.
He is facing extradition over the matter and his defence team said today that charge would be fought.
A hearing over extradition has been set for November 14 in Tauranga District Court.
- NZPA
