A former employee who is charged with defrauding the government-owned FINSAC of $26 million appeared in the Corporate Area Resident Magistrate's Court yesterday.

Nicasha Edwards, 27, who was employed to FINSAC as an accounting officer, is accused of committing the offences in 2005.

She first appeared in the Corporate Area Resident Magistrate's Court last month on charges of defrauding FINSAC of $3 million. She was offered bail in the sum of $500,000 with sureties to return to court yesterday.

When Edwards appeared in court yesterday the police said further investigations revealed that she had defrauded FINSAC of a total of $26 million.

Resident Magistrate Judith Pusey increased her bail from $500,000 to $5 million following a bail application made by K. Churchill Neita, Q.C., who is representing Edwards. She is to return to court on August 22.

Edwards is also charged with larceny as a servant. She is accused of falsifying lodgements, forging signatures of signing officers and making the cheques payable to her.