A fugitive who is accused of fraud amounting to at least R62m was arrested at her "hideout" in upmarket Bishopscourt in Cape Town on Thursday, the Hawks said.
They say the woman, Michayla Mentoor, 48, was on the run for two years.
Hawks spokesperson Captain Lloyd Ramovha said in a statement that Mentoor appeared in the Wynberg Magistrate's Court on the day of her arrest and faces charges of fraud.
Additional charges may be added as the investigation continues, Ramovha told News24.
It is believed that Mentoor masqueraded as a consultant from the Department of Trade and Industry and conned several small business owners in KwaZulu-Natal of more than R2m.
After her arrest it was also revealed that Mentoor had an outstanding warrant of arrest, issued in 2013, from the Randburg Magistrate's Court for allegations relating to R60m in fraud.
Mentoor will remain in police custody. She is expected to appear in the Wynberg Magistrate's Court on Monday, Ramovha said.
Her case is expected to be transferred to the Specialised Commercial Crimes Court in Durban.