Millions of fake euros found in Bulgaria reservoir

Image caption, The notes were found in Mechka reservoir, close to the town of Purvomai

Police divers in Bulgaria have discovered about 鈧13m (拢11.7m) in fake banknotes hidden in a reservoir.

Officials said bundles of counterfeit 鈧500 notes were found after a tip-off.

The exact size of the haul will not be known until the notes are fully dried.

Three Bulgarians have been arrested and a number of weapons seized. One of the people arrested, the owner of a printing company, had already been sentenced to six years in prison for counterfeiting money.

Chief prosecutor Sotir Tsatsarov said the find was "one of the largest amounts of counterfeit euros ever encountered".

He said the fakes were "of an extremely high quality".

But another official said some of them did not carry holograms.

It happened at the Mechka reservoir near the town of Purvomai in southern Bulgaria.

The European Central Bank is due to phase out the 鈧500 note because of fears that it helps criminal activities.

In 2013, Portuguese police seized 鈧380,000 in fake 鈧200 notes of "exceptional quality".