$6 trillion in fake US T-bonds seized

The action was carried out on Friday.

On the same day, eight people were arrested in Italy and accused of counterfeiting bonds, loan-sharking, and credit card forgery.

According to prosecutors, the eight people are suspected of attempting to sell the fake bonds to a developing country through an intermediary bank.

The investigation, named Operation Vulcanico, began last year during an investigation of mafia loan-sharking by the Italian police. The investigation grew as tapped telephone conservations pointed to evidence of an international network of T-bond forgeries.

US experts in Italy helped the local police identify the bonds, which carried issue dates of 1934, and determine that they were counterfeit.

The sum value of the T-bonds is more than a third of the US national debt, which currently stands at over $15.3 trillion.

PM/MF/HGL

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