A gang that police believe ran Britain's biggest fake currency racket, churning out millions of pounds worth of bogus notes to sell to criminals, was jailed yesterday.
The seven-strong team operated a sophisticated
business making top-quality forged notes for more than two years. Although police found £6.5m worth of fake notes and traveller's cheques, £1m has never been recovered.
The gang sold thousands of false notes, which the Bank of England described as excellent forgeries, for 80p per £10 note, and £6 for US $100 bills.
They were netted after a massive investigation, involving the National Crime Squad and the US secret service.
When police raided a backstreet workshop in December 2002, they discovered a sophisticated printer, computer templates and bags of counterfeit cash. One bag alone contained $1m of forged notes.
Anastasios "Taz" Arnaouti, 37, a Greek Cypriot from Manchester, set up the racket a month after being freed from jail for counterfeiting offences.
Arnaouti, a casino regular who drove a £70,000 Mercedes and owned a £250,000 house despite claiming to be jobless, put David Harper in charge of distributing the money and they found a printer, Philip Raynor, to run the machinery.
Officers caught Raynor red-handed in the print shop, in Ashton-under-Lyne, Greater Manchester. Although surrounded by bags of fake bank notes, he had to wait for Arnaouti to arrive with his wages so that he could catch the bus home.
Officers found £1.6m in fake £10 notes,$3.3m (£1.8m) in fake$100 bills, and hologram images capable of producing $3.6m in American Express traveller's cheques.
More cash produced by the gang was recovered after being circulated, making the final potential counterfeit haul more than £6.5m.
Judge Bernard Lever, at Minshull Street crown court, Manchester, described the scam as a £10m conspiracy, telling Arnaouti: "You were the instigator and prime mover and this massive enterprise was your brainchild. You are a highly intelligent, highly motivated and devious criminal. I have the cut of your jib."
Arnaouti, a graphic designer, and Raynor scanned into a computer genuine £10 and £20 notes so that they could perfect the watermark and colours before making copies. They also stole holograms to manufacture fake American Express traveller's cheques.
Raynor was paid a "peanuts salary" - £200 a week - to print about half a million dollars a day in fake currency.
Fake sterling notes produced by the gang have been found across the UK and US dollars in America, Canada and France, with about $300,000 recovered in Florida alone.
The US secret service was alerted to an increasing amount of fake dollars being seized in America. It contacted the UK's National Crime Intelligence Service, which was receiving similar reports about fake sterling. The UK National Crime Squad put Arnaouti and his gang under surveillance.
Arnaouti, of Failsworth, Manchester, was found guilty of conspiracy to make and pass counterfeit currency and handle stolen goods. He was jailed for eight years.
Raynor, 48, of Rochdale, Greater Manchester, admitted conspiracy to make and to pass counterfeit currency and handle stolen goods, and was jailed for four years.
Harper, 37, of Tuebrook, Liverpool, was found guilty of conspiracy to make counterfeit currency and American Express holograms. He was jailed for six-and-a-half years.
Alison Wyatt, 34, of Romiley, Manchester, pleaded guilty to passing counterfeit currency and possession of same with intent to supply and was sentenced to 200 hours' community service. Robert Whittaker, 42, of Toxteth, Liverpool, admitted conspiracy to pass counterfeit currency and was jailed for two-and-a-half years. Karl Egington, 34, of Wavertree, Liverpool, pleaded guilty to possession of counterfeit currency but failed to turn up for sentence and a warrant was issued for his arrest.
Charles Mace, 49, of Stockport, was found guilty of conspiracy to pass counterfeit currency but has appealed against his conviction.
Linear Mode
