The Garda says it may have uncovered a major attempt to flood the capital city with forged £20 and £5 notes in the run-up to Christmas.
The announcement comes in the wake of a seizure of just under £1 million in forged currency in Darndale, on Dublin's northside, yesterday.
Gardai from Coolock, who discovered almost £1 million in a house in the Buttercup Estate yesterday morning, say it is the fourth seizure of substantial amounts of counterfeit cash in recent months.
Yesterday's haul was made up of high-quality forged £20 and £5 notes. The discovery was based on intelligence received from the local community, according to Sgt Joe O'Connor, of Coolock Garda Station.
"This is the fourth such find of large amounts of forged money and follows a seizure of about a half a million pounds in forged notes in the Ashbourne/Swords area about four weeks ago.
"Following that incident we have three men from Northern Ireland helping us with our inquiries. One local man was detained during the seizure in Darndale."
Sgt O'Connor said it was believed that "a highly organised criminal gang with access to high-quality printing equipment, possibly kept outside the jurisdiction," was responsible for the forgeries.
While the Central Bank is expected to issue a warning to Christmas shoppers to examine their cash carefully, the Garda already has issued a warning of its own.
"We are advising everyone who is going out to have a drink, to a disco or who takes a taxi - in fact anyone who is spending money around town this Christmas, to take exceptional care.
"There is a concerted effort to con people about and somebody could be left with a hole in their pocket," Sgt O'Connor said.
The Garda said yesterday's find was being seen as a major success for the local gardai.
"It was a major haul, completely intelligence-driven, and it wouldn't have happened without the vigilance of the local community," he added.
