The Toronto police say that 59 suspects are facing a total of 300 charges related to a car theft operation and its re-licensing investigation.

The results of the investigation, dubbed Project Thoroughbred, were announced at a press conference in Toronto on Friday morning.

The police say the investigation began in July and led to the recovery of 363 stolen vehicles valued at approximately $14 million.

Investigators noted that officers uncovered an alleged "scheme" involving ServiceOntario employees registering fake vehicle identification numbers (VINs) on legitimate license plates.

According to the police, ServiceOntario employees allegedly used fake documents to register real license plates in Ontario to forge VINs.

The police stated that the vehicles were then sold as "legitimate and properly registered" vehicles.

The police pointed out that there are no ServiceOntario employees among the 59 individuals charged so far as part of the investigation.

Toronto police said in a press release: "Vehicles brought into these facilities are dismantled quickly, making it hard to track them and reducing the chance of discovery."

The police said that stolen vehicles were also pulled from shipping containers headed to external locations.

A shipping container containing stolen vehicles was also found in Belgium, and the police said they are in the process of bringing those cars back to Canada.

The arrests come in the wake of the provincial government's announcement of further plans to combat car theft. The province announced on Friday new legislation, which if passed, would create a new provincial offense for fraudulent vehicle registrations, a crime that could lead to jail time and fines up to $100,000 upon conviction.

Prabmeet Sarkaria, Ontario's Minister of Transportation, said in a press release issued on Friday: "VIN fraud and reckless driving are on the rise in Ontario."

"That’s why our government is taking steps to protect unsuspecting buyers and empower police with the tools they need to keep our roads and communities safe."

Our new strict legislation will target car thieves and other reckless behavior, especially in cases causing physical harm or death.

The police said that Project Thoroughbred, which is partially funded by the Ontario government's Attorney General's Ministry, is an ongoing investigation and more charges are expected to be laid.

As part of the investigation, officers identified a number of "chop shops" in the city where stolen vehicles are dismantled and shipped abroad.