05/09/2017 05:07 EDT | Updated 05/09/2017 05:07 EDT

$10-Million Identity Theft Ring Busted After Joint U.S.-Canada Investigation

TORONTO — Police say they've busted an identity theft ring in the Toronto area that allegedly caused $10 million in losses to residents in Canada and abroad.

The cross-border investigation — dubbed Project Royal — involved Toronto police, the RCMP, several provincial ministries and U.S. agencies.

Toronto police say two men have been arrested and warrants are out for two others.

They allege the suspects involved lived lavishly off the proceeds of crime and say one man had access to a person who provided legitimate identity information for a fee.

Toronto police hold a news conference on Project Royal:

Police say they seized about $300,000 worth of goods that included luxury watches, jewelry and about 90 pairs of shoes.

They also say a number of allegedly fraudulently obtained credit cards and allegedly stolen mail, as well as notebooks with identity information of about 5,000 Greater Toronto Area residents were seized as part of the investigation.

Adedayo Ogundana, 45, also known as Oladipupo Ogund, of Toronto, faces numerous fraud charges.

Adekunle Johnson Omitiran, 37, of Toronto, is charged with numerous counts of fraud and identity theft.

Police have issued a warrant for Duro Akintola, 44, also known as Michie Noah, of Toronto, and Emmanuel Salako, 47, of Toronto, also known as Gee Salaq, is wanted in the United States under the name George Salako.

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