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Italian police bust European counterfeit ring

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  • Italian police make 96 arrests after busting a European counterfeit ring
  • Counterfeiters operating in Belgium, Germany, Italy and Spain, police say
  • They were producing high-quality 20, 50 and 100 euro notes
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ROME, Italy (CNN) -- Italian police say they've made 96 arrests after busting a European counterfeiting and money laundering ring.

The counterfeiters -- mainly operating in Belgium, Germany, Italy and Spain -- were producing high-quality 20, 50 and 100 euro notes, along with one and two euro coins, according to Col. Leonardo Alestra, the commander of the operation.

The operation, the result of a two-year investigation, shut down four plants that were producing millions of the bills and coins, Alestra said. Most of the arrests were made in southern Italy's Calabria and Campania regions.

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