Two men arrested in the Famagusta district over the possession of a large number of counterfeit €50 banknotes and their circulation were remanded for seven days on Friday.
The owner of a kiosk in Sotira told police on Thursday she found a fake €50 banknote among her takings on August 25.
A little earlier, a restaurant owner from Liopetri reported to police that on the same day, a 59-year-old man from the same village asked him to change down a €50 banknote.
He complied but later found out the note was fake.
The two banknotes which police confiscated have the same serial number, V15294135768.
An arrest warrant was issued against the 59-year-old and he was detained at 6.30pm on Thursday.
During a search of his home the suspect handed over three more forged banknotes to police officers.
After his arrest he testified the money had been given to him by an 80-year-old man from Paralimni.
The elderly man was arrested a few hours later, shortly after 11pm.
When his home was searched, another 78 €50 banknotes were found which are also believed to be fake.
Some of the banknotes bore the same serial number, V15294135768.
Meanwhile, police issued a statement warning the public about the dangers of the circulation of fake money.
“Despite the fact that this case is believed to be isolated, police nevertheless urge the public to be careful while making purchases and cash transactions,” the statement said. “Special care is recommended when transactions or purchases are made with banknotes of high monetary value, both in euros and in foreign currency, while any exchange of currency must be done in licensed institutions.”
Anybody who notices anything suspicious is urged to contact police or the citizens hotline at 1460.