Police broke up a ring suspected of printing counterfeit U.S. money in Bombay, it was reported Friday.

Authorities arrested three people and recovered $2.6 million in $100 bills, the Indian Express newspaper said.The newspaper said police confiscated the printing plant and other material used by the ring in Bombay, a western city.

U.S. dollars are sold on the black market in India because of tight government regulations on foreign currency. The official rate for one U.S. dollar is about 15 Indian rupees, but it fetches 18 rupees or more on the black market.