Three people linked to the Head Hunters gang have been arrested - it is alleged they took more than $500,000 in fraudulent loans.
Police said they carried out five search warrants in Auckland, Hamilton and Northland this week in connection with the case.
They said a key player in the scheme had scammed six finance companies into offering loans to buy cars since 2017.
Detective Senior Sergeant Kevan Verry said in a statement that the offending would have had a financial impact on the companies which were defrauded.
A 30-year-old woman is facing 22 fraud charges, while two other people, aged 28 and 34, face several charges of assisting her.
