Rome - Italian authorities have seized over 241,000 counterfeit banknotes during the first six months of 2008, a haul which marks a 314 per cent increase over the previous six months, a commander of Italy's anti-fraud police said Tuesday.

The "value" of this fake cash amounted to 12.4 million euros, with copies of the 20 euro banknote accounting for over a third of all those seized, Leandro Cuzzocrea said, citing Economy Ministry figures.

During the same period in 2008, authorities also confiscated more than 11,000 counterfeit coins, some 90 per cent of which were copies of the two-euro coin, Cuzzocrea said.

From January to October 2008, the Guardia di Finanza anti-fraud police investigated some 14,000 cases involving money counterfeiting, leading to 55 arrests - a 36 per cent increase in activity compared to the same period the previous year when 33 people were arrested. (dpa)