A high-speed chase on the Serres-Thessaloniki highway yesterday resulted in the arrest of two Bulgarians in possession of 400 counterfeit $50 banknotes.

Serres police are investigating whether Sliven Gelev, 26, and Golho Kolev, 32, who were also in possession of forged Greek passports, are members of a large gang that has been slipping forged foreign and Greek banknotes into Greece over the past five years, and more recently 50-euro and 20-euro bills. Neither of the two men would make any statement to police.

A few days ago, police in northern Greece warned local businessmen and banks to be on the lookout for counterfeit euro notes after a number of fake 50-euro bills were confiscated in Alexandroupolis, Serres, Kavala, Xanthi and other towns of eastern Macedonia and Thrace.

According to unconfirmed reports, the banknotes had been imported from Bulgaria. Inspections have been stepped up at all customs posts in northern Greece, airports, public enterprises, banks and other organizations.