Italian police bust fake Ferrari ring

* Eight people under investigation * Fake Ferrari Modena 360s being sold * Gang wanted 15,000 for 75,000 car...

Italian police bust fake Ferrari ring

There's always been a market for good copies of luxury Gucci handbags, Rolex watches and Jimmy Choo shoes, and now it seems that some unscrupulous individuals are even willing to buy fake Ferraris.

Italian police yesterday raided several bodyshops across the county and uncovered a gang of criminals that were building replica Ferrari Modena 360s.

Seven completed cars were impounded, along with seven uncompleted models. Second-hand models of the car, which went out of production in 2004, currently sell for around 75,000, but the gang was reportedly selling them for 15,000.

However, nobody has been arrested yet as the eight people under suspicion are arguing that the cars, which were based around mid-engined Pontiac Fieros, were being built to be sold as kit cars, instead of being passed off as real Ferraris.

A Ferrari spokesman said the company constantly monitored websites checking for fakes, adding: 'Ferrari is a product that maintains its value over time and, of course, we try to protect our clients who buy the real thing. When a car is not official, it does not have the characteristics it should have for the brand.'