Italian police have confiscated almost €50 million ($54 million) in counterfeit banknotes in the southern port city of Naples. The local public prosecutor’s office said police early on Tuesday seized almost 1 million counterfeit €50 notes in a raid on a printing works located in an industrial area, with a total worth of around €48 million. The notes were described as being of deceptively genuine quality and were reportedly printed using an offset process, which produces far better results than digital printing. Seven suspects including the alleged leader of the counterfeiting gang were detaine…