During the operation, police detained four Italians in the town of Arona in Tenerife and seized 15,000 euros in fake notes.
The criminal organisation was allegedly established two years ago in Spain and has since produced more than than 20 thousand euros in 20 euro bills, said the National Police.
The operation was carried out by a brigade that specialises in investigating counterfeit goods, which in 2018 carried out 11 actions of this type with 91 people arrested and the confiscation of more than 650 thousand euros in counterfeit currency.
The investigation into this network began in July last year when an increase in high-quality 10 euro counterfeit bills were detected.
After several inquiries, the agents found that the area most affected by the introduction of these fake euros was the Canary archipelago, in particular the island of Tenerife.