Police in Australia say a combined operation in three countries has uncovered an international conspiracy to defraud a bank in London of more than £4bn.

They say the attempt involves part of a fortune in gold alleged to have been smuggled out of the Philippines by the late President Ferdinand Marcos.

The conspiracy began to come apart when Scotland Yard alerted detectives in Melbourne that a man had approached the Rothschilds bank in London offering to trade gold certificates.

Police say the man first telephoned the bank from Melbourne, then flew to London for a conference at which he asked for what police described as the almost incomprehensible sum of £4,000m.

They say the man told the bank he owned a share of the assets accumulated by the late President Ferdinand Marcos of the Philippines.

Police arrested the 47 year old man in Melbourne and he faced a court briefly on a number of charges involving fraud.

He was released on bail to appear again in February. Police have declined to name the man or to say how many more people might be involved in the conspiracy.

But they confirm that investigations in three countries are continuing.
 

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