Sydney Mother-Daughter Team Accused in $70M Feng Shui Fraud

Post by : Raina Nasser

Sydney, Australia — A mother and her daughter in Sydney, who pose as a fortune teller and feng shui expert, have been implicated in a purported A$70 million ($46 million) fraud scheme that aimed at susceptible Vietnamese victims throughout Australia.

Their arrest followed a dramatic early-morning raid at their upscale Dover Heights estate on Wednesday. Law enforcement characterized them as pivotal players in a “highly sophisticated” money laundering and financial crime operation.

Officials assert that the mother exploited victims by suggesting they were destined to encounter a “billionaire benefactor.” In pursuit of making this prediction a reality, victims were allegedly coerced into securing loans, with the mother retaining a share of the funds for herself.

During the raid, authorities confiscated financial records, mobile devices, high-end handbags, a 40-gram gold bar valued at A$10,000, and A$6,600 worth of casino chips. Additionally, they froze approximately A$15 million in assets, supplementing the A$60 million already seized in connection with the ongoing investigation.

Facing 39 charges—including leading a criminal group and deceitfully obtaining financial advantage—the mother was denied bail and is set to appear in court on Thursday. Meanwhile, her daughter, charged with seven offences including handling proceeds from crime, was granted bail and is due in court in January.

Detector Superintendent Gordon Arbinja, head of the Financial Crimes Squad, remarked that this operation constitutes one of the most intricate financial investigations he has encountered. “What initiated as an inquiry into fraudulent car financing has unveiled one of the most sophisticated financial crime syndicates ever seen in Australia,” he stated.

This alleged organization, dubbed the “Penthouse Syndicate,” is accused of utilizing stolen identities to acquire bogus loans for luxury vehicles that did not exist—known as “ghost cars.” Authorities suspect that their fraudulent activity extended into extensive scams involving business, personal, and home loans across various banks, aided by corrupt insiders.

Reports suggest that the alleged mastermind resided in a Sydney penthouse worth A$18 million, using illicit funds to procure numerous properties in the city.

Thus far, more than a dozen individuals have been arrested as part of the broader investigation, facing various fraud and money laundering allegations. Officials anticipate additional arrests targeting “professional facilitators”—including lawyers, accountants, and property developers—suspected of supporting the criminal syndicate.

As investigations proceed, law enforcement has urged the public to stay vigilant against individuals promising spiritual or financial wealth, highlighting how the syndicate exploited the trust and vulnerabilities of its victims.