Toronto police lay 102 charges in credit fraud investigation

Toronto police say they have laid 102 charges ina major synthetic identity fraud investigation involving 12 people.

Investigators announced the results ofProject Dj Vu at a news conference Monday, after its financial crimes unit began investigating a synthetic-identity credit fraud schemethat reportedly dated back to2016.The two-year long investigation was dubbed Project Dj Vu, following a similar synthetic identity fraud investigation in 2014 called Operation Mouse.

Det. David Coffey saidthat the latest scheme resulted inroughly $4 million in losses.

"The perpetrators of this scheme ... are alleged to have created more than 680 unique synthetic identities, many of which were used to apply for and open hundreds of bank accounts and credit accounts at various banks and financial institutions across Ontario," Coffey said at the Monday news conference.

"The fraudulently obtained credit accounts were then drawn upon by way of in-store and online purchases, cash withdrawalsor electronic fund transfers."

Coffey addedthat in many casesfraudulent payments were made into the credit account, allowing them to be drawn beyond their set limits.Police executed more than 20 search warrants in theirinvestigation.

A total of 12men, between 26 and 60 years old, have been arrested and face a number of charges including fraud, forgery, unauthorized possession of credit card data and laundering proceeds of crime.

WATCH | Police announce results of major synthetic identity fraud investigation:

12 people arrested, 102 charges laid in synthetic-identity fraud investigation

6 months ago

Duration 1:27

Toronto police say 12 people are facing a combined 102 charges in a major synthetic-identity fraud investigation dubbed Project Dj Vu. Financial Crimes Unit Det. David Coffey says synthetic-identity fraud is a form of financial fraud, in which fictional personal information is used to open accounts at financial institutions and other businesses.

Investigators say there may be more victims

Hundreds of debit and credit cards were also seized as part of the investigation, along with about $300,000 in Canadian and foreign currency.

Synthetic identity fraud is a form of financial fraud in which fictional personal information such asidentity information that does not belong to a real person,is used to open accounts with banks, financial institutionsor other businesses, police said in a news release.

Beyond facilitating fraud,the release says accounts obtained under synthetic identities are "known to facilitate other serious criminal offences, including the laundering of proceeds derived from human trafficking, drug trafficking, and armed robbery, among other serious crimes."

Investigators say they believe there may be more victims andare looking to speak with anyone who has information related to this investigation.