ATHENS

A notorious money forger responsible for producing over $12 million in counterfeit euro bills has been arrested in Italy, according to a statement released by the EU's law enforcement agency, Europol, on Monday.

The forger, apprehended in Naples through a joint operation by French and Italian authorities, was involved in distributing €8 million ($8.83 million) worth of fake banknotes across Europe. Authorities also discovered an additional €3 million worth of counterfeit currency ready for circulation.

Europol's statement indicated that the arrested individual is believed to be responsible for more than 27% of all counterfeit euro banknotes discovered and removed from circulation in 2023.

The counterfeiter utilized both national and transnational distribution channels, with a significant portion of the fake currency being circulated in France. The counterfeit notes were primarily in denominations of €20, €50, and €100.

Notably, expert analysis, including an assessment by the European Central Bank, confirmed the high quality of the counterfeit notes, highlighting the sophisticated measures, such as holograms, used in their production.