The group are allegedly leveraging cultural superstition to scoop up cash and jewellery in a scam believed to have netted $3 million in cash and valuables from dozens of victims.
Two people have faced court as NSW police appeal for help to locate others allegedly involved in the scam, some of whom are overseas.
Others may be operating in Queensland and Victoria.
NSW Police Assistant Commissioner Gavin Wood said the scam's victims, and those targeting them, are all of Chinese background.
"To the people in the Chinese community, please be aware of it," he said on Wednesday.
The scammers were "like piranhas".
"They are circling around vulnerable people, and they are robbing them of, at times, huge amounts of money and their jewellery," Mr Wood said.
"It is extremely sad to see how they act.
"Targeting individuals who are vulnerable, who are elderly, they have no chance."
A 62-year-old man was due to face court on Wednesday charged with fraud and criminal group offences over his alleged role in the scam, which convinced vulnerable women to hand over money and valuables to be "blessed".
Scam victims were told not to open bags meant to contain their valuables, which the alleged fraudsters had switched out.
NSW Police say it's the work of a "fly-in, fly-out" criminal syndicate.
The scammers typically come to Australia from China for short stints to carry out the fraud, convincing older women that their money and belongings needed to be "blessed" to avoid bad luck, police claim.
The man, arrested on Friday at Brisbane Airport, was extradited to Sydney on Tuesday ahead of his court appearance.
It follows the arrest of Yuee Ruan, 63, at Sydney Airport on Thursday night.
Ruan is behind bars and she is due to face court again later in July.
More than 50 individuals are believed to be connected to the scam across the east coast of Australia.
NSW Police have received reports of more than 80 incidents across Sydney since 2023 and have formed a task force to investigate the links.
Warrants have been issued for others believed to be involved, with police releasing images of seven people accused of participating in the scam.
One is in custody in New Zealand, Mr Wood told reporters, while the others are believed to be in China.
He encouraged people who may have been targeted by the scam but not yet reported it to police to come forward.
Police have also warned people to not hand over money or jewellery for blessing rituals.
Others have been urged to keep watch on older family members with limited English and warn them they could be targets of the scam.
