Her 25-year-old daughter was also arrested for allegedly claiming to be a "lucky one" in the Chinese traditional practice of Feng Shui, which is said to bring health and prosperity.

Police say the mother and daughter are believed to be members of a "high-level fraud ring" that has been operating in Australia, with the pair accused of fraud and money laundering.

The mother allegedly convinced people to lend her half of the money, saying, "I can see you becoming a billionaire in the future."

The mother and daughter appeared in court; the daughter was granted bail, but the mother's request for bail was denied.

She has been charged with 39 counts, including leading a criminal group and amassing wealth through fraud.

The girl has been charged with seven counts, including receiving proceeds of crime and participating in a criminal group.