The cash seized is one of the largest in recent years.

A police statement on Wednesday said the arrests were the result of extensive intelligence probes and investigation.

Simultaneous raids were carried out at Woodlands, Pasir Ris, Kim Seng, Bedok, Sims Avenue and Tanglin Halt, among others.

Items seized included mobile phones, laptop computers and other suspected betting paraphernalia.

Preliminary investigation showed that the syndicate members operated their illegal soccer bookmaking business via the Internet. Some were also involved in illegal loanshark activities.

On Wednesday, two men were charged with acting as bookmakers while another was charged with running an illegal moneylending business.

Philip Chow Kok Leong, 37, allegedly accepted bets on the English Premier League fixture match between Newcastle and Sunderland on Jan 1.

Chin Ser Ping, 39, is accused of accepting bets to on the Australian NSW Preseason fixture of Blackburn Rovers FC and Bolton Wanderers FC on Jan 2.

Both were remanded for a week for further investigation.

In another court, Yap Tia Suah, 45, was charged with carrying on an unlicensed moneylending business by lending a debtor $2,000 at an interest rate of 20 per cent on Jan 6.

Under the Betting Act, the maximum punishment is a fine of between $20,000 to $200,000 and a jail term of up to five years.

A first-time offender found guilty of illegal moneylending may be fined up to $200,000 or jailed for up to two years, or jailed and fined.