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In 1924, Arturo dos Reis orchestrated one of history's most audacious financial frauds, nearly destroying Portugal's economy and triggering a revolution that changed the nation's destiny.

Born in 1896 to a Lisbon undertaker, Arturo was ambitious beyond his humble origins. Using forged Oxford University credentials, he secured a prestigious engineering position in Portuguese Angola at age 20. His fabricated qualifications claimed expertise in everything from metallurgy to paleography. Through charm and cunning, he rose to become Inspector of Public Works by age 28.

Dreaming of becoming Portugal's Cecil Rhodes, Arturo formed a mineral exploitation company requiring £6 million in capital. When legitimate financing failed, he attempted to acquire a railway company using a worthless check, embezzling company funds before the check cleared. Arrested and imprisoned, he used his jail time studying Portuguese banking law and currency systems.

In prison, Arturo discovered that Portugal's central bank had been secretly over-issuing currency beyond legal limits. He realized that if the government could print unlimited money, so could he. Learning that London's prestigious Waterlow & Sons printed Portugal's banknotes with supposedly counterfeit-proof security features, he devised a plan: rather than counterfeiting the notes, he would trick Waterlow into printing them legitimately.

Upon release in 1924, Arturo recruited Karel Marang, a Dutch diplomat and banker, to approach Waterlow & Sons. Marang, believing he was acting for the Portuguese government, requested 200,000 five-hundred escudo notes (worth $142 million today) for Portugal's Angola colony. The notes would use identical plates and serial numbers as existing currency but be over-stamped with "ANGOLA" to prevent confusion.

Arturo created masterful forged documents, including authorization letters bearing the Bank of Portugal governor's seal and signature. Sir William Waterlow, convinced by the authentic-looking paperwork and Marang's diplomatic credentials, approved the order. The notes were shipped to Lisbon via diplomatic immunity.

Arturo laundered the counterfeit currency by establishing the Bank of Angola and the Metropolis in May 1925. His bank offered unprecedented customer service and easy loans, quickly gaining popularity while converting fake notes into real assets. The massive money injection doubled Portugal's currency supply, causing boom and inflation.

Growing suspicious, competitor banks and newspapers began investigating. The central bank conducted an inspection but found nothing wrong, even endorsing Arturo's bank. Emboldened, Arturo ordered another 200 million escudos and began secretly purchasing Bank of Portugal shares.

The scheme unraveled in December 1925 when another bank discovered two notes with identical serial numbers. Police raids uncovered crates of Waterlow-printed banknotes. Public panic ensued as citizens rushed to exchange currency.

Arturo was arrested upon returning from Angola. After a five-year legal battle, he was sentenced to 20 years in prison. The scandal triggered military dissatisfaction, leading to a 1926 coup and dictatorship.

Waterlow & Sons faced massive lawsuits, nearly destroying the company. Arturo died in prison in 1955 after attempting another fraud. His brief criminal glory cost him everything while permanently altering Portugal's political landscape, demonstrating how one man's audacious fraud can reshape history.