TORONTO - Police have arrested five people in an alleged $300,000 cross-border money-laundering investigation.

Toronto police say alleged victims in Austin, Texas were persuaded to deposit forged cheques into personal accounts and covert them to U.S. postal money orders.

They say the victims then allegedly mailed those money orders to people in Toronto and London, Ont.

They say they worked with London police, the U.S. Department of Homeland Security and the United States Postal Inspection Service on the investigation.

All five people are charged with possession of proceeds of crime and laundering proceeds of crime.

Those charged are: Andrew Barr, 40, and Krysta Barr, 29, both from London, Ont., and Emmanual Ajayi, 38, Patrick Onyeukwu, 30 and Margaret Ajayi-Dosumu, 33, all of Toronto.