Police said yesterday they had arrested five suspects, including a mother and son, in Arta, western Greece, in connection to a suspected counterfeit operation.

The gang is believed to have printed money to the value of 700,000 euros and distributed fake 20-, 50- and 100-euro notes in nearby areas such as Corfu and Preveza.

Police said that over the last seven months they had been keeping a close eye on the district that has been flooded with fake banknotes since spring of last year.

Authorities added that they had found printing equipment in the home of one of the suspects in the Aghion Spyridon area and described it as being very sophisticated.

Investigations continue as police are still searching for another suspect believed to be the head of the operation.