A 48-year-old woman was arrested in Punchbowl, in Sydney's southwest, on Wednesday morning as police seized a stack of items linked to the allegedly shonky readings.
They included a crystal ball, cartomantic cards and small, antique statues.
Police arrested a 48-year-old woman in Punchbowl over the alleged fraud. (Supplied by Nsw Police/AAP PHOTOS)
Two other people known to the woman have previously been charged in relation to the same scheme, which police allege has been operating across Sydney since as early as 2006.
Police claim the syndicate members were purporting to be psychics in a ruse to defraud their victims out of money and other property.
Detective Inspector Craig Brooks accused the group of targeting their victims for financial gain.
"Police will allege the syndicate were claiming to be psychics and during that process with the victims they were encouraging them to provide them with property and money, which they have obviously kept," he said.
"(They have) not returned it in breach of what the victims would have expected when engaging these services ... these matters have caused significant financial and emotional distress."
Detectives have been investigating the so-called psychics since July, believing that people were involved in the scheme.
Asked about allegations those charged were taking money to "spiritually cleanse" it, Det Insp Brooks confirmed that possibility would form part of the police investigation.
"Clearly, if any person out there is asked to provide money to any psychic for any services, I strongly urge them not to," he said.
The 48-year-old woman was charged with 13 offences, including seven counts of identity theft, three counts of money laundering, participating in an organised crime group and hindering discovery of evidence.
The charges related to four separate victims, police said.
An antique statue was also among the items seized by police. (Supplied by Nsw Police/AAP PHOTOS)
She is set to face Bankstown Local Court later on Wednesday after being denied bail.
After arresting the two other alleged offenders earlier in November, police searched a storage unit in Chatswood, on Sydney's lower north shore.
Items they seized included antique statues and a sword, a crystal ball and WWII collectors' memorabilia.
31°C