Update, posted Sept. 17 at 4:30 p.m. Original story below.
Revelstoke RCMP have added a few more details to the story. They say about $500 was seized.
They also provided images of the two modified .22 calibre rifles.
Police said they were modified to allow them to shoot automatically.
Police also believe there are more victims in the Revelstoke area and encourage anyone who has received counterfeit money to come forward.
Original story posted on Sept. 13 at 9 a.m.
Over the past week, Revelstoke RCMP raided a Wright Street residence where the seized counterfeit US money and counterfeiting equipment.
Police arrested four individuals aged in their 20s and 30s, all with local ties. Revelstoke RCMP Sgt. Kim Hall said some of the individuals were known to police.
Three males and one female have been arrested and are awaiting bail hearings.
Police allege the individuals were using photocopiers to print US $20, $50 and $100 notes, some of which were passed at local businesses. At least two photocopiers were involved.
Police seized two "modified assault rifles" in searches of two residences and at least one vehicle.
Since charges have not yet been approved by the Crown, the RCMP were reluctant to answer many questions about the ongoing investigation.
Police wouldn't give specifics on questions about how much money was involved, how the assault rifles were "modified," the addresses where the raids took place, how the alleged counterfeiting ring was uncovered, or exactly how sophisticated the operation appeared.
Police believe the counterfeiting operation may be connected to other locations where counterfeiting occurred outside of Revelstoke.
Sgt. Hall said more information may be publicly available later today, Sept. 13.
The Revelstoke RCMP are appealing for public help or further information and can be reached at 250-837-5255, or through Crime Stoppers.