A man suspected of manufacturing €11 million ($12 million) worth of counterfeit Euro banknotes was arrested in Naples, Italy, last week, European police body Europol announced on Monday.

Europol said the unnamed man had already sold €8 million worth of fake notes across Europe, many in France, and had another €3 million ready for dispatching from his "bunker-like printing laboratory."

They said they believed the forger to be responsible "over 27% of all faked euro banknotes discovered and taken out of circulation in 2023 alone."

When Italian Carabinieri officers raided the "sophisticated print shop," which Europol said was concealed behind a garage and a sliding door, they said they found an "almost-industrial production line" consisting of 31 digital printing machines and "extensive quantities" of raw materials.

"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," read a statement.

Earlier counterfeit-related arrests in Barcelona, Rome and Naples 

In March this year, police arrested 14 people in Barcelona, Rome and Naples responsible for producing and distributing over €1 million in counterfeit €100 notes which they said were passing through ATMs and other devices undetected.

In 2023, German authorities withdrew over 56,000 banknotes theoretically worth over €5 million from circulation amid a sharp rise in counterfeit bills.

mf/lo (Reuters, DW Sources)