A 51-year-old Melbourne woman has been arrested and charged in connection with an alleged $33.5 million fraud.

Detectives from the Victoria Police fraud and extortion squad have arrested the Glen Waverley woman over the collapse of the Viking trucking group.

She is facing three counts of fraud totalling $33.5 million and is charged with an attempted fraud worth $53 million.

The woman has been released on bail to appear at the Melbourne Magistrates Court on Monday.