A three-year investigation has ended with the indictment of 18 people who allegedly defrauded 18 financial institutions to the tune of $1.9 million. At the heart of the two fraud schemes: 47 loans for high-end vehicles.

Here’s how the alleged fraud went down, according to New York City Police Department and the Queens County District Attorney’s Office, which…

Seems like regulators are starting to clamp down on fraudulent auto lending activities.



Here’s a look at some recent events:



• April 22: N.Y. Attorney General Eric Schneiderman put the brakes on illegal lending by Master Motors of Buffalo Inc., a dealership that was making loans to consumers without a license. Master Motors agreed to stop the practice and pay $25,000.



• April 14: The Securities and Exchange Commission charged subprime lender Inofin Inc. and…