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Sydney fortune teller and daughter face charges in A$70m fraud syndicate
A 53-year-old woman claiming to be a fortune teller and feng shui master, along with her 25-year-old daughter, were arrested Wednesday in Sydney's affluent Dover Heights suburb, accused of orchestrating a A$70 million ($46m; £35m) fraud targeting vulnerable Vietnamese-Australians. Police allege the pair played central roles in a "highly sophisticated" criminal network combining loan scams, money laundering, and identity theft.
How the alleged scam operated
The mother, described by investigators as a "trusted community figure," allegedly exploited clients during spiritual readings, many of whom confided financial struggles. She would predict an imminent "billionaire benefactor"-claiming the windfall would arrive faster if victims took out loans, according to police. Authorities say she then pocketed a share of the borrowed funds.
Detectives linked the duo to the so-called Penthouse Syndicate, named for its alleged ringleader's A$18 million Sydney penthouse. The group stands accused of defrauding major Australian banks of up to A$250 million, with corrupt insiders allegedly approving loans for nonexistent "ghost cars" and properties, per a Sydney Morning Herald investigation.
Arrests and seized assets
During Wednesday's pre-dawn raid on the pair's mansion, officers confiscated financial records, mobile devices, designer handbags, a 40-gram gold bar valued at A$10,000, and A$6,600 in casino chips. Authorities also froze A$15 million in assets, adding to A$60 million already seized in the ongoing probe, Strike Force Myddleton, launched in 2024.
The mother faces 39 charges, including directing a criminal group and fraudulent financial gain. Her daughter was charged with seven offenses, such as handling crime proceeds and syndicate participation. The mother was denied bail ahead of a Thursday court appearance; her daughter was released on bail with a January hearing date.
Broader syndicate under scrutiny
Police allege the syndicate's operations extended beyond spiritual fraud to "large-scale personal, business, and home loan deception" across multiple financial institutions. Det Supt Gordon Arbinja, head of the Financial Crimes Squad, called it "one of the most sophisticated financial crime syndicates" he had encountered.
Over a dozen individuals have already been arrested in connection with the case, which ranks among Australia's largest fraud investigations. Authorities anticipate further arrests, targeting "professional facilitators"-including lawyers, accountants, and property developers-allegedly involved in enabling the scheme.
"What began as an investigation into fraudulent car financing has expanded into uncovering a sprawling criminal enterprise with tentacles across banking, real estate, and organised fraud."
Det Supt Gordon Arbinja, NSW Police Financial Crimes Squad
