Italy dismantles criminal ring producing fake euros: Europol

Italian authorities dismantled a criminal ring producing and distributing across Europe fake euro banknotes, Europol said Tuesday.

The cross-border investigation, which also involved authorities Austria, Belgium, France, Germany and Spain, led to the arrest of three people in Italy.

Authorities believe that the criminal group counterfeited banknotes worth an estimated €180,000 ($196,550).

Meanwhile, Italian police also dismantled an illegal 2-euro coin mint in northern Italy and a printshop for counterfeit euro banknotes in the south of the country.

Austria, Belgium, France, Germany and Spain received most of the fake currency, according to Europol.

"The criminal group showed a high level of technical expertise and internal organization," the agency said. "The leader of the gang sold the counterfeit banknotes via an online messaging platform, with buyers making payments in cryptocurrency."

Once the payments were confirmed, the fake banknotes were sent through the regular postal service.