RCMP with police in Winnipeg and Calgary arrested 20 people in a major credit card fraud ring. (CBC)

RCMP and Winnipeg police have charged 20 people in connection with a credit-card fraud, car theft and gun-trafficking ring.

Police said there may be more arrests in Winnipeg and Calgary following a lengthy probe in which magnetic strip data from credit cards was being captured by affiliates of a "known street gang" who were making counterfeit credit cards.

Police said at least one person arrested is a member of the LHS (Loyalty Honour Silence) gang, reportedly with ties to the Hells Angels. More than 300 criminal charges have been laid among the 20 arrested.

After executing search warrants between Nov. 27 and Dec. 1 police found credit card skimming machines, electronics, drugs and guns.

Police allege the fake cards were used to ring up fraudulent purchases exceeding $750,000 and had the potential to cost the financial industry tens of millions of dollars.

So far, 20 Winnipeggers have been arrested after 10 homes were raided in the city, along with one residence in Calgary. No charges have been laid so far in Alberta, police said.

Winnipeg police spokesman Sgt. Larry Levasseur said the charges range from mischief and arson to conspiracy to commit murder.

Winnipeg and Calgary police along with RCMP commercial crime investigators teamed up about nine months ago after businesses complained about losses from fraudulent credit cards, he said.