Prolific fake euro forger arrested in Italy

The Italian Carabinieri arrested a notorious money forger, dismantled a sophisticated counterfeiting print shop and seized nearly €3m in fake banknotes during an operation last week.

The unnamed individual was apprehended at the print shop in Naples as part of a joint operation with the French National Police and is suspected of producing over €11m in fake bills across Europe. The arrest comes after a two-year investigation supported by Europol and enforcement agencies in around 10 countries.

In a statement, Europol said that the person is believed to be responsible for more than a quarter (27 per cent) of all counterfeit euro banknotes discovered and removed from circulation last year.

"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," it said.

"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."

The forger relied on several national and transnational distribution channels, the latter mainly in France, to sell his counterfeit banknotes in denominations of €20, €50 and €100.

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

Around 467,000 counterfeit euro banknotes were withdrawn from circulation in 2023, a nearly 25 per cent increase on the prior year but still one of the lowest levels ever in proportion to total banknotes in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