Spanish police crack counterfeit euro ring

11th December 2008, Comments 0 comments

Members of the group bought fake notes from the Italian mafia and transported them to Spain by car.

MADRID – Spanish police said Wednesday they had dismantled a ring which bought counterfeit euro notes from the Italian mafia and distributed them in Spain, Portugal and north Africa.

Police seized EUR 150,000 in counterfeit 20 and 50 euro bills as part of the operation, which was carried out in cooperation with the Europol police agency, they said in a statement.

The ring would travel to Italy to buy the fake notes from the 'Ndrangheta Calabrian mafia for between 30 and 40 percent of their face value which they transported to Spain by car, the statement said.

Members of the group circulated the bills by making small purchases at shops. They also laundered the money through the purchase of properties, vehicles and other goods.

Police said they began a probe at the end of 2007 after detecting a rise in the number of fake bills in circulation.

[AFP / Expatica]

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