Toronto police have arrested two men, and are looking for a third, after they allegedly broke up a massive GTA fraud ring.

Police allege the trio used identity theft and fraud to fund a lavish lifestyle that included $10,000 crocodile shoes and $150,000 watches.

But the flashy clothing was just the tip of the iceberg: they allegedly stole $10 million from Canadians, Canadian institutions, and people living abroad.

The investigation began last summer. In the probe, police allegedly seized “37 fraudulently-obtained credit cards, hundreds of pieces of presumably stolen mail, and a series of notebooks containing the handwritten identity information of approximately 5,000 GTA residents.”

The details in the mail and in those notebooks was the starting point for the investigation, dubbed Project Royal. The Royal Canadian Mounted Police, the Competition Bureau of Canada, the Ontario Ministry of Government and Consumer Services, the Ontario Ministry of Finance, the U.S. Federal Trade Commission, and the U.S. Postal Inspection Service were all involved.

Adedayo Ogundana, 45, also known as Oladipupo Ogund, of Toronto, was arrested on Dec. 13, 2016. He’s charged with two counts of fraud over $5,000; 10 counts of fraud under $5,000; possession of property obtained by crime over $5,000; and possession of proceeds of crime.

He will appear in court on Thursday.

Adekunle Johnson Omitiran, 37, of Toronto, surrendered to police on April 27. He is charged with fraud over $5,000; four counts of fraud under $5,000; two counts of identity theft; trafficking identity information; possession of credit card obtained by crime; possession of proceeds of crime; possession of proceeds of crime; and fail to comply with probation.

He will appear in court on Friday.

Police believe the Omitiran had ties to people with “legitimate” access to identity information. Those people, police allege, sold information to Omitiran. Police are trying to track down those people.

A warrant has been issued for Duro Akintola, 44, also known as Michie Noah, of Toronto.

Emmanuel Salako, 47, of Toronto, also known as Gee Salaq, has been indicted by the United States Postal Inspection Service in Chicago under the name George Salako. He is wanted in the U.S.

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