Six people, two of them women, were arrested, The Guardian reported. Police seized computers allegedly used in the scheme at addresses in London, Manchester and Bolton.
Students were allegedly robbed of a total of more than 1 million pounds ($1.56 million). Investigators said they received e-mails asking them to update information on their bank accounts, which sent them to a fake Web site.
Once they had the information, police said the thieves used it make large withdrawals from their victims' accounts.