Five other people arrested have been bailed until March pending further inquiries.
According to Scotland Yard, a criminal network targeted students on government loans, urging them to reveal their bank account details.
The five bailed include a 25-year-old woman from Manchester, a 49-year-old woman and a 31-year-old man arrested in Stratford, north-east London, and a 38-year-old man from Bolton, Lancashire.
Metropolitan Police Service’s Central e-Crime Unit’s Detective Inspector Mark Raymond said a great deal of personal information was compromised and cleverly exploited for substantial profits. "We have today disrupted a suspected organized group of cybercriminals and prevented further loss to individuals and institutions in the U.K.," Raymond stated.