NSW woman charged with $5.5m fraud

A woman accused of ripping off $5.5 million from at least 35 people during a NSW investment scam has been charged.

Police from the fraud and cybercrime squad on Wednesday raided a home at Woollahra in Sydney's eastern suburbs, after investigating claims the 48-year-old was setting up fraudulent business ventures.

They seized computers, documents, and electronic storage devices and charged the woman with 35 counts of fraud.

She was granted strict conditional bail and is due to appear at Waverley Local Court on September 5.