A mother and daughter in Sydney have been thrust into the spotlight for allegedly orchestrating a staggering A$70 million scam, targeting vulnerable members of the Vietnamese community with promises of billionaire saviors.
According to a report by BBC News, the 53-year-old mother, posing as a fortune teller and feng shui master, was arrested alongside her 25-year-old daughter in the upscale Dover Heights suburb on Wednesday. Their scheme, described by police as "highly sophisticated," involved fraud and money laundering on a massive scale.
The mother allegedly preyed on clients in financial distress, convincing them to take out loans with the false prophecy of imminent wealth, while pocketing a cut for herself. Her daughter, charged with lesser but related offenses, is accused of handling proceeds of crime and participating in the criminal group.
Unpacking a Web of Deception
Police raids on their multi-million-dollar mansion turned up financial records, luxury handbags, a 40-gram gold bar worth A$10,000, and A$6,600 in casino chips. These items paint a picture of lavish living, funded, authorities claim, by the misery of others.
The mother, a trusted figure in her community, reportedly exploited that trust by promising a billionaire would rescue her clients from hardship, as long as they borrowed money immediately. Such predictions, while alluring, seem less like foresight and more like a calculated trap for the desperate.
She now faces 39 charges, including directing a criminal group and obtaining financial advantage by deception, while her daughter, granted bail, faces seven charges with a court date set for January. The mother, denied bail, appeared in court on Thursday to answer for her alleged role in this sprawling fraud.
A Syndicate of Staggering Scale
This arrest is part of a broader investigation under Strike Force Myddleton, initially focused on fraudulent car financing schemes involving "ghost cars" that never existed. The probe has since ballooned into exposing what police call one of Australia's largest financial crime networks.
Detective Superintendent Gordon Arbinja, head of the Financial Crimes Squad, didn’t mince words, stating, "What began as an investigation into fraudulent car financing has expanded into uncovering one of the most sophisticated financial crime syndicates I have seen in my career at the helm of the Financial Crimes Squad." His statement underscores the gravity of a scheme that allegedly defrauded major banks of up to A$250 million.
Investigators have frozen A$15 million in assets from this latest raid, adding to A$60 million already seized in the wider probe that began last year. Reports also link the duo to the so-called Penthouse Syndicate, named for an A$18 million property tied to the alleged ringleader.
Community Trust Betrayed
Police allege the mother used her influence to manipulate clients, some of whom shared their struggles during fortune-telling sessions, only to be steered into debt with hollow promises. Hearing her predict that a billionaire "would happen sooner rather than later" if loans were secured, as police noted, must have felt like a lifeline to the vulnerable, not a scheme.
The broader syndicate reportedly involved corrupt bank staff approving fraudulent loans for personal, business, and home purchases, amassing properties across Sydney. This level of collusion suggests a rot that goes beyond one family, implicating professional facilitators like lawyers and accountants.
More than a dozen individuals have already been charged with fraud and money laundering in this case, which police believe is among the most significant of its kind in Australian history. Authorities expect further arrests as they target those who enabled this operation behind the scenes.
A Call for Vigilance
This case serves as a stark reminder that trust, especially in tight-knit communities, can be weaponized by those with predatory intent. While cultural practices like fortune telling hold deep meaning for many, they shouldn’t become a gateway to exploitation.
The fallout from this alleged A$70 million scam will likely ripple through the Vietnamese community in Australia, where the mother held sway as a respected figure. It’s a betrayal that cuts deep, raising questions about how such elaborate frauds can hide in plain sight.
As police continue to dismantle this syndicate, the focus must shift to protecting the vulnerable from silver-tongued promises that lead only to ruin. Justice, if served, won’t erase the financial devastation for victims, but it might deter the next would-be prophet of profit.
