Controller of Budget Dr Margaret Nyakang'o was on Tuesday arrested in Mombasa.
She pleaded not guilty to multiple charges at a court in Mombasa where she was arraigned.
Nyakang'o was released on a Sh2 million bond, with the option of a similar surety or Sh500,000 cash bail.
The CoB faced four counts including conspiracy to defraud, operating an unlicensed Sacco, forgery, and uttering false documents.
She was arrested in Mombasa over a complaint made against her and 10 others dating way back to 2016 before she became the CoB.
However, she told the Star that she presented herself to the police station to record a statement.