Men duped in money-doubling scam (news.com.au 22 Sep)

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Men duped in money-doubling scam (news.com.au 22 Sep)

Posted by admin 24 September, 2009

sydney opera house in red

Men duped in ‘money-doubling scam’

By Kate Bruce-Rosser

News Limited newspapers

September 22, 2009 12:19pm

Two arrested over ‘money doubling scam’
Soaked cash in special liquid
Businesses handed over $160,000

PROMISES that special chemicals could duplicate money have allegedly duped three Victorian businesses.

Police said the businesses gave about $160,000 in cash to two men in the belief their money would double when soaked in chemicals, the Stonnington Leader reported.

A supermarket receipt, uncovered during investigations, has since revealed the chemical formula as bleach, baby powder and hair spray.

Police said the two men would conduct the “procedure” out of sight each time, transfer the money into their possession, then wrap up worthless paper in aluminium foil or another non-see-through casing.

Detective Sgt Andrew Healey said the business owners were told to leave the wrapped package for 24 hours while the chemical worked.

Police arrested and charged two men, aged 23 and 25, after being alerted by the business owners who had become suspicious and opened the package to find no money.

It is understood the pair initially expressed an interest in buying a local bottle shop and formed a rapport with the owners.

After some time, the alleged offenders told the business owners they had the special chemicals.

Police said the men “demonstrated” their claim by placing a $100 note between sheets of black paper, which they described as “special material”, and pouring a liquid substance over the top.

When the sheets of paper were separated, a second $100 note was inside, which the businessmen verified as genuine at the bank.

The owners then agreed to provide $10,000 each to be chemically treated.

Two other businesses were also deceived by a similar scam, losing $20,000 and $120,000.

Police said that despite attempting to produce fake currency, the business owners had not committed an offence.

Only once a person or business has created the fraudulent money and tried to use it are they committing fraud, police said.

The two men charged with theft will appear at Melbourne Magistrates’ Court on October 19.