Philippine police say they have arrested nearly 500 people, including eight Israeli nationals, who they say are involved in an online financial fraud that victimized people overseas, including in Australia and South Africa.

In one of the Philippines' biggest anti-cybercrime busts in years, police chief Oscar Albayalde said Wednesday that 474 Filipino employees and the Israelis were taken into custody following the raid on three buildings in Clark Freeport, a former U.S. Air Force base north of Manila, where the alleged online fraud was committed.

Police Chief Superintendent Marni Marcos says the suspects lure victims into investing in foreign stocks in a fluorishing London-based company then take their money through an online app after obtaining their bank account and credit card details.