Peruvian police have arrested five suspects who allegedly planned to print as much as $28 million in counterfeit US$100 bills.

Interior Minister Mercedes Cabanillas says the counterfeiters were using two printing presses in Peru's capital to produce the fake bills.

Police raided the presses on Thursday. They discovered bogus bills at the scene, but authorities did not say how many were found.

Cabanillas told journalists on Friday that $28 million in counterfeit bills could have been printed if the suspects had not been caught.