A north Belfast flat was turned into a factory producing fake cheque books and credit cards, the High Court has heard.
Police seized printing equipment, computers and specialist sandpaper used to erase legitimate owners' names.
Details of the counterfeiting operation were disclosed as a man accused of involvement was refused bail.
Geshem Madzukae (38) faces charges of possessing articles for use in fraud, fraud by false representation, and handling stolen goods.
He was arrested along with a co-accused after police searched his Cliftonville Avenue address in November last year.
Prosecution barrister Tessa Kitson told the court: "Police would advise that the premises really comprised a factory for making fake cheque books, forged cheques and credit cards."
Madzukae denies involvement in the alleged fraud, blaming a third man who he claimed had also been living in the flat.