Turkish police have dismantled a sophisticated counterfeit currency operation in Istanbul, seizing fake foreign banknotes valued at approximately 4.5 billion Turkish Liras ($140 million), Interior Minister Ali Yerlikaya announced on Friday.

Five foreign nationals were detained during the large-scale raid conducted on May 29.

The operation uncovered a fully equipped printing press used to produce the counterfeit money, along with materials and equipment involved in its manufacture.

“A major counterfeit ring was dismantled,” Yerlikaya stated in a post on X, though he did not disclose the nationalities or identities of the detained suspects.

The seizure follows growing concerns in Turkey about the circulation of high-quality counterfeit $50 and $100 U.S. bills, which have evaded detection in some bank branches due to outdated money-counting machines. In late 2024, the Banks Association of Türkiye (TBB) issued a warning to financial institutions, urging stricter controls on physical U.S. currency to combat the issue.

While authorities have not confirmed a direct link between the Istanbul raid and the earlier wave of fake U.S. dollars, the scale and sophistication of the operation suggest a potential connection. Investigations are ongoing to determine the full scope of the counterfeit network and its impact on Turkey’s financial system. (ILKHA)