Russian authorities say they have detained a gang of 50 hackers suspected of stealing more than 1.7 billion rubles ($25.33 million) from the accounts of various Russian financial institutions.

The suspects were detained in nationwide raids as part of the investigation, the Federal Security Service (FSB) said on June 1.

As a result of searches, it said, a large quantity of computer equipment was confiscated along with communications gear, bank cards in false names, financial documents, and "significant amounts of cash."

The FSB carried out the operation with the Interior Ministry backed by units of the new National Guard.

The Interior Ministry said the suspects used malware to create networks of infected computers to carry out the cyberattacks.

A criminal case into the matter has been opened.

Based on reporting by Reuters, TASS, and Bloomberg