The Bank of Canada has helped crack a major counterfeiting organization in Toronto.

Project Greenback was a four-month joint force investigation involving the Bank of Canada, the Toronto Police Service Fraud Squad, the Ontario Provincial Police anti-rackets section, police from Peel Region, York Region and Hamilton, the U.S Secret Service, and the Royal Canadian Mounted Police.

The joint investigation was initiated after a sharp increase in counterfeit bills found their way into the financial system. The investigation found that “a sophisticated group of criminals” were making and distributing counterfeit Canadian $10 and $20 bills. These bills had been in circulation since January 2003 and had been distributed across Canada and in the United States.

So far, 13 arrests have been made, and assorted criminal charges have been laid. Also, approximately $1 million in counterfeit money has been recovered, as have two manufacturing plants, 50 ink jet printers, and other items used to counterfeit money.

Police say that this criminal organization had the capability of manufacturing unlimited amounts of currency.