A GANG of fraudsters supplied and sold more than £15 million worth of counterfeit notes and coins in a year-long racket, a court heard.
The eight men - including two from South Yorkshire - made and distributed forged £20 and 50 euro notes, as well as fake £1 and £2 coins.
Sheffield Crown Court heard the scam was only discovered after the gang's dealings were exposed by an undercov
er police officer, who posed as a customer and bought large quantities of the counterfeit cash from them.
Richard Clews, prosecuting, said 56-year-old Malcolm Moate, of Landsdowne Close, Thurnscoe, Barnsley, was the "most heavily involved" in the fraud.
Mr Clews said Moate personally handled £181,000 in forged currency from September 2008 to September 2009, and passed money to the undercover officer - known as 'Jamie' - on "four separate occasions" between January and March last year, with more fake cash found at his home the following May.
"A total of £42,332 in currency in both notes and coins was recovered from his car and a search of his garden shed. It's likely that he was going to pass that money on. After his arrest he was interviewed and released on bail, but continued to offend."
He said Moate used the coded phrase "the T-shirts are ready" during phone calls to Jamie, meaning the money was ready for collection.
Mr Clews said two of Moate's co-defendants, Yasin Patel, 45, from Blackburn, Lancashire, and Michael Kinghorn, 63, of Stafford Street, Barnsley, both had "equipment" used to make fake currency, including paint to coat the coins.
Mr Clews said more than 700,000 £20 notes were recovered during the police investigation, as well as 158,967 50 euro notes, with a face value of nearly eight million euros.
However, the cash was only sold to Jamie for around a third of its face value.
Mr Clews said the undercover officer first met fourth defendant, 59-year-old Terence Quinn, from Immingham, Humberside, in October 2008, and that Quinn later arranged for him to buy 137 counterfeit £20 notes from Norman Oliver, 62, at a car park in Goole.
He said Jamie also paid £600 for 69 fake £20 notes from Oliver, with Michael Maddon, 66, from Leeds, also present. He said Oliver, from Goole, was arrested after meeting Moate at Ferrybridge Service Station on the M62.
He said co-defendants Derrick Davies, 46, from Norfolk, and Londoner Peter Edwards, 57, were also in on the scheme.
The eight men have all admitted either conspiracy to supply counterfeit currency or conspiracy to defraud the Bank of England. Davies has also admitted making a false statement to procure a passport, and possession of a false passport. The men are due to be sentenced on Friday.
