MADRID - Spanish police say they have arrested 38 people and dismantled a criminal organization dealing in credit card fraud on an international scale.

Authorities said Saturday those arrested were in a ring that specialized in the counterfeit and fraudulent use of credit cards from international banks, which were scammed up to 1.5 million euros ($1.6 million).

The victimized banks were mainly based in Italy, Britain, the United States, Australia and Germany.

Police say the ring created a virtual travel agency offering online plane and train tickets, hotel reservations, car rentals and other purchases and paid suppliers with cloned credit cards.

The criminal ring also worked with local businesses in Madrid, Seville, Cadiz, Malaga, Marbella and Cordoba that accepted payments from the fraudulent cards for a percentage of the profits.