Mazaheri, in charge of the central bank until 2008, was searched by customs officers at Dusseldorf airport on January 21 after arriving aboard a flight from Turkey, the Sunday paper said.
The cheque, with a value of 300 million Venezuelan bolivars, was discovered in his hand luggage, according to the report.
The German customs office is investigating whether the cheque was part of a money-laundering operation.
After the report was published, Mazaheri said that the cheque was designed to finance the Venezuelan government's construction of 10,000 homes.
