Two more people have been arrested, and police are searching for a third suspect in connection with a fraud and money laundering scheme that has already led to the arrests of more than a dozen suspects and more than $4 million in losses.

Investigators allege the trio took part in a synthetic-identity fraud scheme aimed at fraudulently obtaining mortgages for residential properties in the GTA, which were then used to help launder some of the proceeds generated through the scheme.

Synthetic identity theft is a form of financial fraud in which a real person’s information, such as their Social Insurance Number or date of birth, is stolen and combined with other falsified personal information to create a new identity.

While this type of theft can be difficult to detect with traditional fraud

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