Authorities are Warning of Anticipated Increase in the Circulation of Counterfeit Euro Banknotes following Bulgaria’s Official Adoption of the Euro

The Economic Police discovered counterfeit Bulgarian levs and forged identity documents during a search of the home of one of the individuals arrested yesterday in connection with the distribution of fake euros.

Three Arrested in Sofia with €10,000 in Counterfeit Notes

Three people were detained in the operation as they were preparing to introduce the counterfeit notes into circulation. In an interview with BNT, the Director of the Economic Police, Commissioner Darin Kostov, warned that in the period leading up to the official adoption of the euro in Bulgaria, elderly citizens are the most vulnerable, as they often struggle to recognise the security features of banknotes.

In parallel to the investigation, concerns about public readiness for the euro adoption are emerging. For example, at the municipal market in Ruse, a locally grown Shabla melon is currently priced at BGN 3 per kilo – or €1.53 – and some shoppers are still confused by the dual labelling.

“It’s true – when we look at the price tag, we tend to focus on the lower figure, which is quite natural. It’s just a matter of getting used to it,” explained Kunchо Kunchev, manager of the municipal markets in Ruse.
The counterfeit euro banknotes seized during the police operation were described as having quality “almost indistinguishable from the original.”

“The quality is exceptionally high. Some even classify them as ‘super counterfeits’. There’s a simple rule for spotting fake euro notes: feel, tilt, look. When you touch the note, there should be a noticeable texture. When you tilt it, the colour of the images should change. And when you look closely, you should see embedded silhouettes,” explained Commissioner Kostov.

The fake currency was intended to enter circulation once Bulgaria officially joins the Eurozone on 1 January.

“In my view, these individuals were preparing to distribute the counterfeit money or use it to make purchases after the euro becomes official. As I’ve said before, the elderly are particularly at risk. The amounts involved aren’t large enough for major transactions,” added Kostov.

In addition to counterfeit euros, the arrested suspects were also distributing forged levs and fake identity documents. The location of the printing operation remains unknown.

“We found fake IDs, Bulgarian lev notes – counterfeit BGN 50 bills totalling several hundred. In total, the counterfeit levs discovered amounted to BGN 15,000 in BGN 50 and BGN 100 notes,” said Commissioner Kostov.

According to the police, producing one counterfeit euro costs between €0.20 and €0.30 on the black market.

“The profits are enormous. A single note can be sold for 20–30% of its face value. So if someone prints €10 million and sells it at 20%, that’s €2 million profit,” Kostov concluded.