A self-proclaimed fortune teller has been charged today over an alleged $70 million fraud in Sydney.

The 53-year-old woman, who claimed to be a feng shui master and fortune teller, and a 25-year-old woman were arrested yesterday at a Dover Heights property in the city's eastern suburbs.

The older woman is accused of exploiting vulnerable clients in Sydney's Vietnamese community.

She allegedly persuaded victims to take out financial loans – while taking a share herself – based on her prediction that there was a "billionaire" in their future.

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

During the pair's arrest, police also seized financial documents, mobile phones, other electronics, luxury handbags, a 40-gram gold

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