The 53-year-old woman, who also presented herself as a feng shui master, allegedly preyed on clients by predicting that there was a “billionaire” in their future.

She would then persuade them to take out significant loans, with the fortune teller taking a share for herself, police say.

Police in the Australian state of New South Wales believe the woman and a 25-year-old accomplice obtained over $70 million AUD (around £34.9 million).

The older woman has been charged with 39 offences including knowingly directing the activities of a criminal group, while the younger woman has been charged with two offences.

A senior police officer said: “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.

“Our detectives have worked tirelessly to uncover a network that has not only targeted financial institutions but also manipulated vulnerable individuals for personal gain.”