Police say fictitious companies were used to falsify credit, tax and other records to obtain loans for more than 20 homes in Calgary, Fort McMurray and British Columbia.
The homes ranged in price from $300,000 to well over $1 million.
The arrests come after a year-long investigation by Alberta Law Enforcement Response Teams.
Charges include fraud, money laundering, organized crime and instructing a criminal organization
More arrests are expected.
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