Neal's Yard Dairy delivered 950 wheels of cheddar, worth 300,000, to an alleged thief posing as a French wholesale distributor before the scam was discovered.
Patrick Holden, owner of Holden Farm Dairy, expressed disbelief at the loss: 'It was the biggest order we ever had - so it was quite a shock.'
The criminals who executed the heist were meticulous in covering their tracks, arranging for transport to move the stolen goods to a secure location.
Holden fears that the stolen Hafod Welsh Cheddar may eventually surface in regions like the Middle East or Russia, where provenance checks are less stringent.
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