500 arrested over forged euro

More than 500 people were arrested across Europe for making and distributing counterfeit euros during the currency’s first year, it was revealed today.

A total of 167,118 counterfeit euro banknotes were removed from circulation during 2002, the European police agency Europol said.

Police forces across the continent reported more than 800 cases of counterfeiting.

The euro enjoyed a smooth transition to a hard currency when 12 countries introduced the new notes and coins on January 1, 2002.

Its introduction sparked fears of mass counterfeiting operations by organised crime gangs.

In the first three months of 2002 few counterfeits turned up but there was a marked increase in the second three months of the year with cases reported all over Europe and in some non-EU states.

The most popular euro note to be counterfeited so far is the 50 euro.

Many are produced on computers.

But Europol claimed the figures were “positive” and showed law enforcement agencies in EU member states were co-operating well.

A Europol spokeman said: “With the exception of a few cases the counterfeits are of low quality.

“The co-operation before and after the euro introduction between the European Central Bank and Europol has functioned very effectively.”