NEWARK -- A sophisticated international credit card fraud ring based in Jersey City stole more than $200 million, federal authorities said today in announcing the arrest of 18 people, who face up to 30 years in prison.

"This type of fraud increases the cost of doing business for every American consumer, every day," United State Attorney for New Jersey Paul Fishman said of the allegations that resulted in the arrest of Nasreen Aktar, 37, of Jersey City, and 17 others. Fishman announced the unsealing of the indictment at a news conference in Newark this morning.

The scheme spanned 28 states and eight countries, officials said, adding that the investigation is ongoing and more arrests are possible. When asked if the ring was headquartered in Jersey City, Fishman said "I think that's fair to say."

Fishman said Ashu Jewels, Tanishq Jewels and Raja Jewels, all on the same block of Newark Avenue in Jersey City, participated in the ring. All three jewelry stores have been closed by federal authorities and a large amount of inventory has been seized. In April 2011, feds and Jersey City police raided the stores.

The ring allegedly made 25,000 fake credit cards by using roughly 7,000 false identities and hundreds of fake drivers' licenses to open the accounts. The ring would then build up the credit rating and the borrowing limit of the cardholder by using various fraudulent methods before maxing out the cards and leaving the credit card companies with the unpaid balances.

There were 13 arrests made and search warrants were executed today, Fishman said, adding that four defendants were arrested previously and three of those have already pleaded guilty.