A 36-year-old woman who is accused of defrauding The Urban Development Corporation (UDC) of millions of dollars was granted $700,000 bail in the Corporate Area Resident Magistrate's Court yesterday.

She is Karen Parker from a Kingston 11 address who has been charged with obtaining money by forged documents and conspiracy to defraud.

Parker who was originally offered $1 million bail had that amount reduced by Resident Magistrate Lorna Shelly-Williams.

She is to return to court on February 3 when the matter will be mentioned as the file is incomplete.

Allegations are that in September 2008, Tamika Allen former accounting officer of the UDC who was arrested and convicted in the same matter prepared cheques amounting to over $7 million which she transferred to Parker's account.

It is alleged that over $4 million was later withdrawn from Parker's account and the bank reportedly froze the account. However, it is further claimed that Parker was arrested and charged after she had returned to the bank to withdraw $20,000 from the same account.