Europol, the law enforcement agency of the European Union, has arrested an individual in Naples, Italy, suspected of producing counterfeit euro notes valued at approximately €11 million ($12 million).

Europol officials revealed that the suspect had sold around €8 million worth of fake notes across Europe before his arrest. Due to legal reasons, the police have not disclosed the suspect’s identity.

According to police, the majority of the counterfeit notes were circulated in the French market, while €3 million worth of notes were found in a ready-to-print state in the laboratory during the raid.

Police reported that the suspect operated out of a “bunker-like laboratory” where the notes were produced. They further indicated that the individual was responsible for 27% of all counterfeit notes seized in 2023.

Europol, in collaboration with the Italian police, uncovered a sophisticated counterfeiting laboratory hidden behind a garage door, where the suspect produced fake banknotes. Authorities were astonished by the “advanced printing equipment” discovered at the scene.

According to Europol officials, the operation featured an “almost industrial production line,” including 31 digital printing machines, as well as a “large quantity” of raw materials for creating counterfeits.

A statement released noted that expert analysis and a review by the European Central Bank confirmed that the special features on the counterfeit banknotes, such as holograms, were of exceptionally high quality.

Before apprehending the main suspect, Europol had conducted arrests in Barcelona, Rome, and Naples. In March of this year, police arrested 14 individuals in these cities who were responsible for distributing counterfeit banknotes valued at one million euros, comprised of €100 notes.

Authorities reported that these counterfeit notes were of such high quality that even ATM machines and other devices failed to detect their fakeness.

Additionally, German officials removed over 56,000 counterfeit banknotes from circulation in 2023, valued at more than five million euros.