Millions of fake dollars flooding New York

counterfeitAn international counterfeiting ring has been pumping millions of dollars in phony $100 bills into New York and other cities in the metropolitan area over the past several years, forcing the Secret Service to step up its operation to shut it down, sources told “On The Inside.”

Federal officials are tracking the mules who smuggle bogus bills into the country and distributing an alert to New York businesses, banks and security industry personnel that teaches how to detect the fake C-notes, a copy of which DNAinfo New York obtained.

The counterfeit cash appears to have been manufactured on offset printing machines using plates and ink, rather than on more sophisticated copiers, according to Michael Seremetis, the assistant special agent in charge of the New York Secret Service office.

The loot is produced in bulk and bundled into packages that are smuggled in luggage or carried on planes by couriers who get about 40 cents on the dollar to put the fakes into circulation.

If you have a phony $100 that is confiscated, you will lose the value of the money but can declare a tax loss at the end of the year, officials said.

“We are asking the public to let us know if they encounter these bills,” Seremetis said.

Source: DNAinfo New York