Police have shut down a counterfeit banknote manufacturing syndicate, arresting six men and seizing 24 fake notes.

Since September, people, including taxi-drivers and shop owners, have told Police they received bogus notes.

Police raided four locations in Kowloon today and arrested the men, aged 17 to 30.

Twenty-three fake $500 notes and one $100 note, a small amount of 'ice' and three knives were seized.