French police have smashed a vast cash counterfeiting ring that printed over nine million euros ($11 million) and is described as the biggest ever in France, a police source said on Thursday, June 14.

According to AFP, police raided the money-printing factory in Seine-et-Marne east of Paris on Tuesday and Wednesday, the source said, adding that the operation had printed more than 350,000 counterfeit 20- and 50-euro notes.

France's Central Bureau for Fighting Counterfeiting (OCRFM) has been working on the case since the counterfeit notes first appeared in circulation in 2007.

While officers had over several months made dozens of arrest, notably members of the traveler community distributing the notes, they had not until now found the master counterfeiter or the print works, the source said.