Peel police confirmed that 12 people accused of running a vehicle theft and car insurance fraud ring in the Greater Toronto Area and surrounding areas have been arrested after a "lengthy" and "complex" investigation.

Speaking to reporters Wednesday morning, police said they seized nine stolen cars and laid over 81 charges in the investigation dubbed "Project Memphis."

Police said the investigation began in early 2023 after a tip from a member of the public.

Throughout the investigation, police said officers learned of a group stealing vehicles from driveways and sales lots, reconditioning the cars, then paying people to buy the stolen vehicles.

Sergeant Simon Kennedy told reporters during a press conference today, "It was determined that the accused individuals used their existing knowledge in the automotive and financing industry to complete these fraudulent transactions. It is believed that the reconditioned vehicles were trafficked to buyers who paid money to purchase the vehicles fraudulently."

"In some cases, buyers attempted to make fraudulent insurance claims by reporting their cars stolen."

Police said the cars seized in the investigation, including BMWs, Range Rovers, and Bentleys, are valued at $1.2 million.

Investigators also said Project Memphis "prevented $350,000 in insurance fraud."

Police allege some vehicles were trafficked through local dealers who were unaware of the illegal activity.

Investigators said the "majority of individuals" charged previously worked in the automotive or car financing industry.

According to police, the vehicles were trafficked in a "complex" manner involving "insider knowledge to circumvent some of the systems in place to prevent" this type of fraud.

The accused in the case reside in Hamilton, Toronto, Mississauga, and Brampton. Charges include trafficking in stolen goods, fraud over $5,000, possession of property obtained by crime, and forgery.

The accused in the case are "Tristan Serrano, 26, Josh Conanan, 24, Frank Martin Cruz, 23, Destiny Ojiyeva, 25, Rahul Bedi, 25, Andrew Enriquez, 26, Martin Swiat, 26, Angeline Swiat, 32, Krista McIntyre, 29, John Royvifar, 24, Mahmoud Shahada (36), and Sir Azim (24)."