Law enforcement officials in Maryland are sharing the latest on the felony fraud case involving "The Real Housewives of Potomac" stars Dr. Wendy and Eddie Osefo ... and TMZ is streaming live.

The Carroll County Sheriff's Office is addressing the media at a news conference right now ... only hours after the Osefos were busted on 16 charges related to a burglary they reported last year at their home. Carroll County Sheriff's Office

As we reported ... cops say the Osefos claimed several designer bags and jewelry had been stolen, but an investigation found Wendy purchased and returned the items before the alleged burglary.

Police also say Wendy posted a photo on social media wearing a diamond ring she claimed was stolen ... and the post went up after the alleged burglary.

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