Sure. What this requires is that the possession be for the purpose of using it for an offence that involves fraud or deception, or passing on to someone else who will do that.
If somebody is found in possession of identity information relating to multiple people, and that's a very common scenario, that would certainly be a circumstance that could give rise to the reasonable inference that they intended to use it for a fraudulent or deceptive offence.
It might be the nature of the information, particularly, say, financial information, and again, particularly financial information relating to either more than one person or very extensive financial information concerning one person to whom the person in possession of the information had no particular connection. That could give rise to that inference.