TORONTO -- Four Toronto men lived a lavish lifestyle, spending money as fast as it came in on items such as expensive cologne and shoes, as part of an alleged identity theft ring that bilked banks out of $10 million, according to police.

The cross-border investigation -- dubbed Project Royal -- involved Toronto police, the RCMP, several provincial ministries and U.S. agencies, and has led to charges against two men and arrest warrants for two others.

Det. Mike Kelly said one of the men allegedly had connections with people who had access to legitimate identity information for a price. He said police discovered a notebook with about 5,000 names of Toronto-area residents along with their identification information, including credit card numbers.

The perpetrators would check the credit of those on the list to see if the information was worth using, then somehow get the companies to issue new cards to a "legitimate person" and intercept the cards in the mail, Kelly alleged.

Police said they raided a condominium in Yorkville, a high-end Toronto neighbourhood, where they seized more than $300,000 worth of goods, some of which they displayed at a news conference Tuesday morning.

Kelly said investigators seized $15,000 worth of cologne, $10,000 in sunglasses and $2,000 in skin moisturizer, along with watches, jewelry, and about 90 pairs of shoes valued at more than $100,000.

"It's the absurdity of the consumption that stands out," Kelly said.

He said there appeared to be no motivation other than the ability to buy expensive stuff.

"There's no evidence whatsoever of anything beyond this," Kelly said.

"Effectively a hand-to-foot existence, or hand-to-cologne existence."

Adedayo Ogundana, 45, also known as Oladipupo Ogund, of Toronto, faces numerous charges, including 12 fraud counts.

Adekunle Johnson Omitiran, 37, of Toronto, is charged with numerous counts of fraud and identity theft.

Police have issued a warrant for Duro Akintola, 44, also known as Michie Noah, of Toronto, and Emmanuel Salako, 47, of Toronto, also known as Gee Salaq, is wanted in the United States under the name George Salako.