Federal authorities in New Jersey charged 53 people today with participating in a massive bank-fraud ring that authorities say hijacked identities of overseas workers to bilk million from financial institutions.

More than 270 local and federal agents – including from the FBI, IRS, Immigration and Customs Enforcement – fanned out across Bergen and Essex counties and Manhattan early this morning to arrest 43 of the defendants.

Stretching from New Jersey to California to the South Pacific, the alleged scheme used Social Security numbers from Asian immigrants who worked in American territories, including Guam, to apply for driver’s licenses under fake names, which they then utilized to secure credit cards and bank loans.

The suspects used those credit cards to buy luxury cars, designer shoes, aged whiskey and other finery, authorities said. Or, members of the ring swiped the cards at their own businesses or shell companies to trick banks into transmitting them money directly, authorities said.

When time came to pay the credit-card bills, the banks were left with the name of someone on the other side of the globe, authorities said.

"The sheer scope of the fraud &mdash and the organization that allegedly committed it — is remarkable," said Paul J. Fishman, U.S. attorney for New Jersey.

The defendants, many of whom are Korean immigrants, were led handcuffed this morning into FBI headquarters in Newark. They are expected to appear this afternoon in federal court on charges including identity theft and bank fraud, authorities said. Suspects were also arrested in New York City. Those in custody include the group's alleged ringleader, Sang-Hyun Park, 44, of Palisades Park.

"The sheer scope of the fraud — and the organization that allegedly committed it — is remarkable," said Paul J. Fishman, U.S. attorney for New Jersey.

"The criminal activity was sophisticated, and the extent of the fraud committed by the group is believed to be substantial, if not staggering," said Michael Ward, head of the FBI's Newark office.

Federal authorities have scheduled a press conference for later today.

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