Church leaders were 'blinded by riches' when they entrusted £17.5 million to a high-yield investment scheme, a jury heard.

Officers of the Dutch Council of Churches, keen to restore their fortunes for a programme of building and renovation, snapped up the deal assured they would receive bank guarantees their capital was safe, Southwark Crown Court was told.

But it is alleged they signed a joint venture with international fraudsters and became victims of conmen.

At Southwark Crown Court, London, investment consultant Floriberta Clemente, of Britannia Court, Brighton Marina, is accused of laundering the proceeds of crime.

Stephen Kay, QC, defending, said his client did not feature in any of the crucial negotiations and had no idea the $24 million received into her account with Merrill Lynch in the United States were the proceeds of crime.

He said: "It may well be Mammon had got the better of the church and meant they were blinded by riches and no doubt they have thought about it in many sermons since."

He said the church went ahead without seeking independent financial advice, wooed with promises of a high-yield investment programme.

Mr Kay said Clemente, 40, knew the money was arriving in her account with the top merchant bank.

She told police she believed the money was coming from Swiss company Fabeira AG.

Clemente denies four charges of possessing or using the proceeds of crime between November 1997 and May last year.

The trial continues.