The syndicate, masterminded by a Canadian man of Sri Lankan origin, has been active since August last year.
Federal Commercial Crime Investigation department director Comm Datuk Syed Ismail Syed Azizan said 25 syndicate members were arrested in a series of raids from Wednesday to Saturday.
"The credit cards and ATM cards are of Canadian and American banks.
"We are still looking for the mastermind, whom we believe is still in Malaysia," he told a press conference Monday.
Comm Syed Ismail police were working closely with Interpol to cripple this syndicate once and for all.