$77M Counterfeit Ring Busted; NJ Plant Raided

WASHINGTON, DC—A counterfeiting ring that spread more than $77 million in phony $100 bills since 1999—making it one of the biggest in American history, has finally been dismantled by U.S. authorities, Bloomberg reported.

The bills were primarily produced in Israel but some were churned out in a New Jersey printing facility, the Justice Department said. The New Jersey plant was established in January of this year.

The U.S. Secret Service arrested 13 suspected members of the counterfeiting ring and raided the New Jersey printing facility. Two offset presses were seized, along with $2.5 million in ersatz currency.

The suspects were indicted this week by a federal grand jury in Alexandria, VA, on charges of racketeering and related offenses.