The Sunday Times reported that Sarka van der Merwe, 49, allegedly spent R1m gambling online, gave relatives R341 393, and transferred R10m into her own account.
The man she lived with, 69-year-old Durban businessman Peter Odgers, had to sell his property portfolio to pay off his debts, and had since brought fraud charges against Van der Merwe, the newspaper reported.
According to the Sunday Times, Van der Merwe intended pleading guilty when she appeared in the Durban Specialised Commercial Crimes Court on 26 October. She was out on bail of R25 000.