UPDATED: Forger linked to 11 mln euros of fake notes arrested in Italy

A forger suspected of printing 11 million euros’ ($12 million) worth of fake bank notes was arrested in the Italian city of Naples last week, European police body Europol said.

Europol said the man who was arrested, whom it did not name, had already sold 8 million euros’ worth of fake notes across Europe and added that police seized nearly 3 million euros of fake notes when they raided his Naples printing site.

“Furthermore, the arrested counterfeiter is believed to be responsible for over 27% of all faked euro banknotes discovered and taken out of circulation in 2023 alone,” Europol said.

Europol, which is headquartered in The Hague, said French police were also involved in the arrest because the forger had circulated many of the fake notes through France.

Photos courtesy of Europol

The Carabinieri’s anti-money forgery investigators, with the support of Europol’s experts, had been zoning in on the sophisticated print shop hidden in the city of Naples. When officers raided the location, they came across an almost industrial-like production line containing 31 digital printing machines and extensive quantities of raw materials used for the production of fake banknotes.

The criminal had set up shop in his own home, hiding the production facility behind his garage. Concealed behind a cabinet, the forger had constructed a movable wall part on rails, which allowed him to access the printing lab when actuating a homemade electronic system.

Authorities believe that the forger relied on several national and transnational distribution channels, the latter predominantly in France, to sell his counterfeit banknotes in denominations of 20, 50 and 100 euros.

Expert analysis, including an assessment by the European Central Bank, confirmed that the counterfeit security features on the banknotes (such as holograms) were of high quality.

Europol’s support to Italy and France

Europol facilitated the information exchange and financed and coordinated several operational activities. Europol also provided analytical support to identify the countries in which the banknotes were distributed. During the action day, Europol sent an expert to Italy to provide technical support and cross-check the operational information against Europol’s databases and the European Central Bank’s systems.