The 36-year-old woman who is accused of defrauding The Urban Development Corporation (UDC) of millions of dollars, had her $700,000 bail reduced 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 and then $700,000, had that amount reduced to $500,000 by Resident Magistrate Lorna Shelly-Williams.

pleaded not guilty

Parker pleaded not guilty and is to return to court on March 1 when the matter will go for case management hearing.

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

It is alleged that more than $4 million was later withdrawn from Parker's account and the bank reportedly froze the account.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.