Three of the five company directors of the specialist engineering group Consulmet have been arrested.
The Hawks launched a manhunt for the directors on Friday on allegations of fraud and the contravention of the Companies Act.
Spokesperson Colonel Katlego Mogale says the trio presented themselves to the Hawks on Monday and subsequently appeared in the Johannesburg Specialised Commercial Crimes Court for an urgent bail application.
Molojwa Keikelame, 46, Gavin Boyle, 53 and Terrence Lahee, 53, spent the night in prison as their bail hearing continued on Tuesday.
All three were granted bail of R50 000 each and the matter was postponed to 5 March 2024.
Colonel Mogale says the search for the other two directors continues.
It is alleged that the five men had an agreement with a complainant to build a coal wash plant amounting to R55 million in September 2022
The complainant paid the company in several installments amounting to over R39 million only to learn that they did not keep their end of the deal.
(This story has been updated with the outcome of the bail hearing).
