The investigation, lead by famed investigative journalist Mazher Mahmood, named an Albanian asylum seeker as the alleged ringleader of the forgers.

The undercover team said it was offered EUR2m (1.3m) in 50 euro notes, which could be delivered within hours from a London printing base. At an earlier meeting 10,000 counterfeit 20 notes were also offered.

The fake euro notes were said to look the same as genuine banknotes, using a special paper and silver foil from Albania. But although the paper weight was the same and the hologram and watermarks appeared genuine, the printing on the notes was flat compared to the raised contours of patterns on authentic notes.