Bulgaria Dismantles Major Counterfeit Banknote Operation

Major Counterfeit Operation Dismantled in Bulgaria

Authorities in Bulgaria have successfully dismantled a sophisticated counterfeit banknote production operation in the northern town of Shumen. In a recent raid, law enforcement officials reported the seizure of a substantial quantity of counterfeit currency, including 50 Bulgarian lev, $50, and €500 denominations.

On Tuesday, Boyan Raev, the deputy head of the General Directorate for Combating Organised Crime, revealed that the counterfeit banknotes had already been circulated, passing through multiple banks and ATMs across the region. “We discovered a significant cache of the Bulgarian 50-lev banknotes,” Raev stated during a press conference held in Sofia. “Additionally, we found $50 bills that were still in the preparation phase, along with the printing plates necessary for their production.” Authorities also recovered €500 notes that were fully printed and ready for circulation.

In connection with the operation, two men with previous criminal records were arrested. Local authorities reported that the group had successfully circulated approximately 37,500 Bulgarian lev in counterfeit bills and had produced around half a million euros in fraudulent €500 banknotes.

According to an assessment from the European Central Bank, these counterfeit euro banknotes are recognized as some of the most sophisticated fakes encountered to date, with instances already reported in several EU member states. “The analysis of the €500 banknotes revealed that these were so-called superbills, meaning they are counterfeits of exceptionally high quality,” authorities emphasized.

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This operation was conducted in collaboration with U.S. and European law enforcement agencies, highlighting the seriousness of the threat posed to the financial systems in Bulgaria and the EU. Investigators described this as a significant assault on the integrity of financial transactions within the region.

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