AN entrepreneur told a court yesterday how he was tricked into asking for a multi-million pound loan 15 times the size he wanted.
David Payne said he approached a gang of loan sharks to borrow almost £1m so he could buy plots of land in his native New Zealand.
But he later accepted an offer of £15m from David Andrews, 38, Dennis Alexander, 47, and George Steen, 54, it is claimed.
Mr Payne told Southwark Crown Court: "Originally we wanted £800,000, but we were told that was too low and we were told we would have to increase the loan to £6m."
He added that the figure then increased again when there was a mix-up in the paperwork.
He said: "By the time I came to England and the document was signed, I was borrowing $25m (£15.6m)."
Mr Payne said he submitted detailed business plans for his venture to the group before they agreed to provide finance.
But he was then stung with a bill for £30,000 which the group said would go towards looking at the project themselves. It is alleged he lost £60,000 to them.
The court heard how the group earned millions by swindling businessmen from Australia, New Zealand, Canada and the US.
Mr Steen, of Victoria Road, Darlington, Mr Alexander, of Rottingdean, East Sussex, and Mr Andrews, of Hailsham, East Sussex, all deny one charge of conspiring to defraud between January 1, 1996, and June 6,1999.
Another man, Colin Hardy, from Redcar, was also involved in the alleged fraud but died last year. The trial continues.
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