Police say they have targeted a market stall on Brick Lane suspected of being behind a criminal network that deals in the theft, dismantling and sale of stolen bicycles.
Seven men were arrested on Sunday the 17th of May, as part of a co-ordinated proactive operation by the City of London police.
The operation combating the trade in stolen bikes was supported by the Metropolitan Police, British Transport Police, Transport for London and Tower Hamlets Council.
The seven men aged between 21 to 49 were arrested on suspicion of handling stolen goods and money laundering and are currently in custody at a central London police station.
The market stall in Brick Lane is believed to be a location where stolen bikes were bought and sold on to others at prices well below the legitimate price.
The City of London Police says this joint operation will continue in the coming months.
A total of 20 suspected stolen bicycles were seized as part of the operation.
Bike parts were all seized today including high value items such as Brooks saddles.
Officers will be checking these to see if any of them have been bike marked or have Smartwater labelling on them.
Officers can then attempt to contact the rightful owners.
Detective Inspector Doug Blackwood of the City of London Police said:
Today’s arrests show that the trade in stolen bikes will not be tolerated and we are working with our partners to dismantle these businesses.
I would also like to tell those people that are buying expensive bicycles for a fraction of their value that you could well be handling stolen goods.
This is a criminal offence and the old adage applies, if the price of a bike seems too good to be true, then it probably is.
Today’s action won’t be the last and I would urge anyone with information on the trade in stolen bikes to call police on 101.
If you wish to remain anonymous please call Crimestoppers on 0800 555 111.
There were 375 bikes stolen in the Square Mile between April 2014 and March 2015.