A self-proclaimed fortune teller and her assistant have been charged with duping vulnerable clients of tens of millions of dollars in a highly sophisticated fraud and money-laundering syndicate.

A 53-year-old and a 25-year-old were arrested at a home in Dover Heights in Sydney's east on Wednesday morning when specialist police raided the property.

The older woman, who claimed to be a feng shui master and fortune teller, allegedly exploited vulnerable clients by persuading them to take out financial loans based on predicting there was a "billionaire" in their future, while taking a share for herself.

The fraud, allegedly orchestrated by the older woman with help from the younger woman, is estimated to total nearly $70 million.

Police seized financial documents, mobile phones, other elec

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