Serbia, North Macedonia Bust Fake Cash Ring

Authorities in Serbia and North Macedonia have dismantled an organized criminal network involved in counterfeiting foreign currencies, primarily euros, arresting 16 suspects and seizing more than 1.5 million euros ($1.55 million) in forged banknotes, officials stated Sunday.

Serbian Deputy Prime Minister and Interior Minister Ivica Dačić said six suspects were arrested in Serbia in the cities of Novi Pazar, Novi Sad, Sombor and Subotica. Police also seized 300,000 euros ($307,494) in counterfeit 50-, 100- and 200-euro denominations.

North Macedonian authorities arrested 10 suspects and seized approximately 500,000 forged euros ($512,444), $25,000 in counterfeit U.S. currency, and smaller amounts in forged Swiss francs, Israeli shekels, Croatian kunas, Albanian leks, Swedish kronor and Russian rubles, according to the country’s Interior Ministry.

During raids in Skopje, Prilep and Veles, police recovered CNC mold-making machines, specialized engraving tools for counterfeiting security features, and various molds. Officers also confiscated three handguns, ammunition, suspected narcotics, several laptops, smartphones and other electronic devices.

Authorities said the joint investigation into the counterfeiting operation began in 2023. The network, allegedly composed of Macedonian and Serbian nationals, produced and distributed high-quality counterfeit banknotes.

An apartment in Skopje served as a production hub, where criminals used sophisticated printing equipment to replicate security features found on legitimate banknotes. The fake currency was primarily circulated in Serbia and North Macedonia but also surfaced in Austria, Germany, Romania, Slovenia, Croatia and Kosovo, officials said.