A WALTHAMSTOW man has been jailed for his part in a £5 million fake banknote scam.

Sheriff Oki, 29, of Edison Close, was ordered to serve 21 months in prison for his role as the computer expert in the operation.

The scam was foiled by the Serious Organised Crime Agency (Soca), which had the gang under surveillance for ten months.

The operation began in Glasgow but was transferred to 83-year-old Dennis Hancox’s home in Chiswick, west London, where a printing press was set up in the living room.

A foiling machine, for inserting metal strips into the notes, was bought for £9,000 and was also installed in the flat.

His home was used to print £20 and 50 Euro notes.

The gang sold fake £20 notes for around £3.50 but were able to ‘round up about ten grand a week’, according to conversations overheard by police.

The gang was monitored at various places, including Claridge’s hotel in central London and South Acton Working Men’s Club in west London, between October 2006 and July 2007.

Police seized more than £1 million in 50 Euro notes and £600,000 in old-style £20 notes from two properties in London.

They also recovered £3.4 million-worth of fake 50 Euro notes, bringing the total cash value to more than £5 million.

Some of the notes managed to get out into the economy, Soca officials confirmed.

Four other men were jailed while another was given a suspended sentence when they appeared at Snaresbrook Crown Court.