• Australian police arrest mother and daughter over multi-million dollar fraud
• Fortune-telling mother tricked victims with promises of wealth and forced them to take loans

Australian police have arrested a mother and her daughter, one of whom claimed to be a fortune teller, over allegedly defrauding members of the Vietnamese community in the country of around A$70 million (US$46 million).

The 53-year-old mother was taken into custody in the upscale Sydney suburb of Dover Heights alongside her 25-year-old daughter, following investigations that revealed their involvement in a highly organized fraud and money laundering network.

According to police, the mother convinced victims to take out loans by claiming she could foresee them becoming wealthy soon, keeping a portion of the loan money for herself.

She was denied bail, while her daughter was released pending a court appearance in January.

The mother faces 39 charges, including directing a criminal group and obtaining financial advantage by deception, while the daughter faces seven charges related to illegally dealing with proceeds of crime and participating in a criminal organization.

During a raid on the family’s luxurious home, police seized financial documents, mobile phones, luxury handbags, a 40-gram gold bar worth A$10,000, and casino chips totaling A$6,600.

Police said the mother was an influential figure in her community, exploiting her clients’ trust through fortune-telling sessions, especially targeting those in financial hardship, and convincing them that a wealthy benefactor would soon help them if they took loans.

Authorities also froze A$15 million in assets during the latest operation, adding to A$60 million already seized in a broader investigation into the network that began last year.

Police noted that the probe initially focused on fraudulent car financing for luxury “ghost cars” before expanding to uncover a sophisticated financial crime syndicate considered one of the largest in Australian history.

According to a local newspaper, the mother and daughter are linked to what is known as the “Penthouse Syndicate,” led by an alleged ringleader who lived in an A$18 million penthouse in Sydney.

Investigations suggest the group defrauded major Australian banks of up to A$250 million, aided by corrupt bank staff who approved loans to help the syndicate acquire multiple Sydney properties.

More than a dozen people have been arrested so far on charges including fraud and money laundering, with police warning that additional arrests are expected, particularly among lawyers, accountants, and property developers involved in facilitating the network.