At approx 07:35hrs, detectives from the MPS Cyber Crime Unit arrested the man at an address in Tower Hamlets, E22, as part of an ongoing intelligence-led operation. He is currently in custody at a London police station.

The offences under investigation involve the use of a sophisticated 'over the telephone' technique known as 'voice phishing' or 'vishing'. Victims are called by criminals purporting to be genuine employees of banks and other organisations. Through a plausible and skilful confidence trick, the victims are duped into revealing or confirming their online banking information, including passwords, which are then used by the perpetrators to fraudulently access their accounts and steal their money.

The detectives also searched three addresses in Tower Hamlets, from which they seized items including computers, documents and a quantity of cash.

Detective Inspector Colin Wetherill, from the Metropolitan Police Cyber Crime Unit, said: "We continue to work in collaboration with UK and overseas law enforcement partners and in the financial services, commercial and not-for-profit sectors to identify and bring to justice offenders committing serious and organised offences of this nature affecting London. Our aim is to reduce the harm they cause individuals, institutions and to our economy.

"However, we all have a role to play in the protection of our private information and I would urge Londoners to take great care when supplying their personal details online or over the telephone."