Dozens arrested in Italy counterfeit cash crackdown

Dozens arrested in Italy counterfeit cash crackdown
By Euronews
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‘Money, Money, Money’, a Swedish group once sang.

But when it comes to counterfeit cash, suspected fraudsters in Italy are being blamed for 90 percent of fake euros in circulation worldwide.

Now 56 people have been arrested after police cracked down on the so-called ‘Naples Group’.

They say they have seized crooked currency equivalent to 1 million euros.

“The uncontrolled spread of these bank notes can cause serious damage,” said Naples Prosecutor Giovanni Colancelo.

“That is why the EU has long focussed its attention on the problem.”

After a two year investigation, Italy’s Carabinieri military police pointed to a sophisticated production and distribution process involving bogus banknotes that even found their way to Africa.

Francesco Ferace, of the Carabinieri’s Anti-Counterfeiting Unit, told journalists that a 300 euro note – a denomination that doesn’t exist – was designed by a forger from Naples and used in northern Europe.

And as if mock money was not enough, police also showed off phony lottery tickets seized.

Just don’t expect to win the jackpot!

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