THE first sighting of counterfeit versions of the new, safer €50 bank note has resulted in the discovery of more than €1 million in fakes.
Officers of the National Police raided an address in Zaragoza and found a large operation controlled by a single man who had managed to forge new and old €20 and €50 notes as well as US $5 bills.
Officers found €140,000 mainly in fake €50 notes and then arrested five associates of the forger who between them were in the process of producing a further €675,000 worth of fake notes.
As the officers waded through the evidence, they removed printers, guillotines, holograms, ink and paper with sufficient material to allow for the printing of a fake notes worth up to €1.275 million.
Whilst the forger, who lived with his parents is considered the most prolific and skilled producer of fake notes in Spain, his five associates appeared to have been used to distribute the notes and when they were arrested, officers discovered drugs which they were selling and information suggesting that they had been involved in at least nine robberies.