More than 300 criminal charges have been laid after Halton Regional Police dismantled an alleged identity theft ring earlier this week.

Officers arrested five people Monday following the execution of search warrants at homes in Milton, Mississauga, Brampton and Toronto.

Police say the searches resulted in the discovery of two high-tech identity labs in Toronto and Mississauga that were being used to make counterfeit driver's licences and credit cards.

Some real cash and some counterfeit cash was seized when a series of search warrants were executed across the Greater Toronto Area. (Natalie Kalata/CBC)

Halton police Det. Sgt. John Mans says investigators also seized thumb drives and computer hard drives that contained forged cheques and images that could have been used to make thousands of fake credit cards.

So far, police have identified 100 victims in the Greater Toronto Area — many of whom did not know that their information had been stolen.

Investigators also found nearly $68,000 in cash and $354,000 of counterfeit U.S. currency, which police say was likely produced in Nigeria.

Durham Regional Police, Ontario Provincial Police and the United States Secret Service assisted in the investigation.

Two Milton, Ont., residents and a Brampton, Ont., man face a combined 300 charges including possession of identity information, possession of counterfeit money and forgery.

A 35-year-old Toronto woman is charged with two counts of possession of instruments of forgery, possession of identity information, and forgery.

A 44-year-old Toronto woman is charged with possession of counterfeit money.