Bulgarian authorities have uncovered a large-scale counterfeit banknote operation in the town of Shumen, seizing fake bills in denominations of 50 Bulgarian lev, $50, and €500. The fake bills had already made their way into circulation through various banks and ATMs. Two men with previous criminal records have been arrested in connection with the scheme.
This operation is believed to have circulated around 37,500 Bulgarian lev and half a million euros in fake banknotes. The European Central Bank has classified the counterfeit €500 notes as one of the most sophisticated fakes seen so far and they have been detected in several EU member states.
Authorities have described this operation as a severe attack on Bulgaria’s financial system and that of the European Union. Officials from Sofia have worked in collaboration with US and European law enforcement agencies to dismantle the operation.
Boyan Raev, deputy head of the General Directorate for Combating Organised Crime, stated that the group had been preparing $50 bills and had printing plates ready to produce them. Additionally, the group had already printed a substantial amount of Bulgarian 50-lev banknotes. This discovery highlights the need for continued vigilance against such criminal activities that threaten the stability of the financial systems in the EU and beyond.
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