Four people have been arrested, two in each country, and a number of items of value were seized by police, including cars, property, jewellery and cash.
The alleged traffickers are suspected of sending vulnerable young women to Switzerland where they were forced into prostitution.
Three suspected victims of the human trafficking ring were rescued by police in Hungary and are being cared for by the authorities.
Canton Zurich police searched two properties during the coordinated raids, which led to the arrests of suspects.
The successful operation was assisted by the European Union Agency for Criminal Justice Cooperation.
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