A self-proclaimed feng shui master and fortune teller , and her alleged accomplice, have been arrested as police investigate a "sophisticated" $70 million fraud and money laundering syndicate.

Detectives allege the 53-year-old fortune teller exploited vulnerable clients, using bogus prophecies to persuade them to take out financial loans, from which she took a share.

The woman allegedly exploited people within the Vietnamese community in Sydney, telling them there was a "billionaire in their future", police said.

Detectives arrested the 53-year-old and her alleged accomplice, a 25-year-old woman, at a home in Dover Heights, Sydney, on November 12.

A 40-gram gold bar worth $10,000, $6,600 in casino chips, financial documents, mobile phones, other electronics and luxury handbags were s

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