18 charged in multi-million dollar credit card scam
(02-06 17:37)
Eighteen people have been charged and a number of properties searched in the United States on Tuesday in what may be one of the country's largest credit card fraud rings.
The raids centered on the main Indian shopping district in Jersey City in New Jersey. Federal authorities said the international scam duped credit-rating agencies and used thousands of fake identities to steal at least US$200 million.
The elaborate scheme involved improving fake cardholders' credit rating, allowing the scammers to borrow more money that they never repaid.
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