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$1.3M counterfeit ring busted in Russia

Dec. 18, 2012 at 1:42 PM

MOSCOW, Dec. 18 (UPI) -- Russian authorities said they have busted the country's largest counterfeit money ring in an investigation lasting 14 months.

No information was released on the number of people charged, but Russian police say the group was responsible for counterfeiting $1.3 million in currency, including the Russian ruble and the euro -- the first time someone has been arrested in Russia for faking the European currency.

The ring originated in the North Caucuses Republic of Dagestan, RIA Novosti said Tuesday. Some of the fake money went to benefit "extremist organizations" in the North Caucuses, law enforcement sources said. They did not specify which organizations specifically may have been involved.

The ring also extended to Ukraine and Belarus, the Russian Interior Ministry officials said.

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