12 arrests as counterfeit euro ring is busted

An enforcement operation has shut down a criminal group active in North Macedonia and Serbia that produced and sold counterfeit euro coins and bills.

The North Macedonian and Serbian authorities, supported by Eurojust and Europol, have made 12 arrests in connection with the crackdown, which revolved around an action day on February 2 in which authorities searched multiple locations in the two countries.

The raids found various machines used to make moulds and stamps for counterfeit money, hot rollers, presses, a counterfeit banknote detector and copies of holograms. Over 180,000 counterfeit euro banknotes were seized during searches in Serbia, and another 500,000 in North Macedonia, along with cash in different currencies, phones and laptops.

In a statement, Eurojust said the joint project "strengthens cooperation within the Western Balkans and between the region and the EU…using modern tools and methods to combat organised crime and terrorism."

Europol supported law enforcement with expertise on counterfeit banknotes, analytical and financial assistance, along with the coordination of operational activities, and its analysis was instrumental in identifying the country where the counterfeit banknotes were distributed.

On the action day, Europol deployed staff to North Macedonia and Serbia to provide technical support and cross-check operational data against Europol’s databases and European Central Bank (ECB) systems.

The operation follows the arrest of an employee of the Ministry of Interior in North Macedonia last October on suspicion of manufacturing "hundreds of thousands" of fake €2 coins.

Around 467,000 counterfeit euro banknotes were withdrawn from circulation in 2023, a nearly 25 per cent increase on the prior year but still one of the lowest levels ever in proportion to total banknotes in circulation, according to ECB estimates.

The bank maintains that, despite high-profile enforcement operations, there is little likelihood that members of the public will encounter a counterfeit as the number remains low in proportion to the number of genuine banknotes in circulation.