The 227-count indictment contests that between October 1st 2007 and February 10th 2009, the defendants conspired to steal bank account and personal information, which they then used to manufacture thousands of counterfeit checks.
Jasper Grayson and James Malloy are said to have acquired the data necessary to forge the checks by recruiting a number of bank employees with access to account records.
Once they had obtained the details, Mr Grayson and Mr Malloy are alleged to have created the checks using specialist computer software, scanners, printers, magnetic ink and company logos found on the internet.
Conspirators are also said to have enlisted "soldiers" to cash and deposit the checks. The individuals recruiting these "soldiers" obtained their personal details so the counterfeit checks could be made out to them.
District attorney Robert Morgenthau said victims of the alleged conspiracy included private individuals, companies, religious institutions and both city and state agencies.
Mr Morgenthau has served has Manhattan's district attorney since 1975.