Police arrested the last two suspects in an alleged Waipahu motorcycle theft ring.

Ali Nguyen and Micah Reichman were arrested at the Kapolei Police Station late yesterday morning.

Nguyen and Reichman were among seven people indicted by an Oahu grand jury Tuesday morning on charges of money laundering, first-degree criminal conspiracy to commit theft, first- and second-degree theft, unlawful operation of a racketeering enterprise and tampering with a government record.

The indictment alleges the crime ring may have stolen at least 136 motorcycles and scammed more than $500,000 from the owners, insurance companies and buyers, the city prosecutor’s office said.

The theft ring allegedly operated from March 2007 to February 2009 at Twins Auto Body in Waipahu. A tip from alert victim whose motorcycle was allegedly stolen led police to raid the business in January of last year when the man noticed his motorcycle for sale on Craigslist.

The operation involved stealing motorcycles on Oahu, replacing serial numbers from legitimate motorcycles bought at mainland junkyards, and reselling the bikes on Craigslist, the indictment alleges.

Five of the suspects — brothers Toan and Thang Nguyen, Frances-Nicolette Freitas, Tiffany Nakata, and Freddie Woods-Vierra — were arrested and released Tuesday on a total of $650,000 bail.

The two suspects arrested yesterday were released.

Thang Nguyen, who owned the auto body business, accepted motorcycles Woods-Vierra stole, then repainted them. Using legitimate serial numbers from other motorcycle bodies, he falsely registered and got titles for the stolen motorbikes, then sold them, the indictment said.

Woods-Vierra delivered the stolen motorcycles to the brothers and Ali Nguyen for money, documents said.

Toan Nguyen ground off serial numbers, then registered them under false serial numbers and resold them through Craigslist, documents said.

Ali Nguyen, Nakata, Freitas, and Reichman allegedly received titles and registration for the stolen motorcycles by lying on government documents. Ali Nguyen, Nakata and Reichman are also accused of selling the stolen motorcycles.