Police raided properties in Melbourne's west last week after a report of suspicious shopping activity in May prompted an investigation.
They discovered millions of dollars had been stolen from another person's bank account.
Police tracked down the victim, who used to live at a property in Balwyn, in Melbourne's east, before moving to China nine years ago.
Police say the property owned by the victim had been broken into, with unopened mail and documents resulting in their identity being stolen.
The offender then used those items to gain access to bank accounts and transfer $2.3 million, police said on Tuesday.
Within two months, the man bought at least six vehicles including four Mercedes', a Jaguar F Pace and a Toyota Hilux.
In addition to the cars, it's alleged gold and diamond jewellery, Rolex watches, significant amounts of designer clothing and bags as well as household furniture were bought.
Police raided properties in St Albans, Keilor Downs, and South Morang on Thursday, seizing four stolen cars and furniture.
A 38-year-old man was arrested at the St Albans property and charged with almost two dozen offences.
A 45-year-old St Albans woman, a 67-year-old Keilor Downs woman, and a 40-year-old Keilor Downs man were also arrested on Thursday.
All three were interviewed and released pending further inquiries.
Melbourne East Neighbourhood Policing Team Sergeant Stacey Maliko warned others who could be tempted to carry out similar acts.
"Identity theft is not an easy process, it's a calculated and methodical crime that requires a significant level of time, organisation, and planning," she said.
"However, we know these offenders are willing to wait to reap the benefits of stealing someone's identity."
