A mother-and-daughter pair from Sydney have been charged with orchestrating a massive A$70 million fraud and money laundering scheme that allegedly preyed on “vulnerable” members of the Vietnamese community in Australia.
Police say the 53-year-old mother, who claimed to be a fortune teller and feng shui master, and her 25-year-old daughter were key figures in what authorities describe as a “highly sophisticated” financial crime syndicate.
The pair were arrested during a dawn raid at their multi-million-dollar Dover Heights home on Wednesday. Officers seized financial documents, mobile phones, designer handbags, casino chips, and a 40-gram gold bar valued at A$10,000.
The mother faces 39 charges, including directing a criminal group and dishonestly obtaining financial advantage by deception, while her daughter has been charged with seven offences, among them recklessly dealing with proceeds of crime.
Police allege the mother exploited her position of trust within the community, convincing victims in financial distress to take out loans by claiming she foresaw a “billionaire benefactor” in their future — and that their fortune would arrive sooner if they borrowed money.
She allegedly kept part of the loan funds for herself.
The daughter was granted bail and is due in court in January, while her mother was denied bail and will appear in court on Thursday.
Authorities say the arrests are part of a wider investigation into a large-scale fraud ring known as the “Penthouse Syndicate”, which has been under probe by Strike Force Myddleton since 2023.
The task force was originally formed to investigate fraudulent car financing using “ghost cars” — luxury vehicles that did not exist — but has since uncovered a network allegedly involved in personal, business, and home loan fraud against multiple financial institutions.
Detective Superintendent Gordon Arbinja, head of the NSW Police Financial Crimes Squad, said the case has revealed “one of the most sophisticated financial crime syndicates ever uncovered in Australia.”
So far, investigators have seized more than A$75 million in assets, including A$15 million frozen during Wednesday’s raid. Police also believe several bank insiders, lawyers, accountants, and property developers may have facilitated the group’s operations.
According to The Sydney Morning Herald, the syndicate’s alleged ringleader lived in an A$18 million penthouse in Sydney and may have defrauded Australian banks of up to A$250 million.
More arrests are expected as investigations continue.
