News: NAB UPDATE 1-Ex-executive of Australia's NAB charged with 56 counts of fraud

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A former senior executive of National Australia Bank Ltd (NAB) was charged on Tuesday in connection with wide-ranging fraud that police said netted her more than A$5 million ($3.5 million) from inflated contracts charged to the bank.

Rosemary Rogers, former chief of staff to NAB's chief executive officer, presented herself to police in Sydney and was charged with 56 counts of corruptly receiving benefits and obtaining financial advantage by deception, authorities said.

NSW police said in a statement that a 43-year-old woman had arrived at a police station in relation to "allegations of corrupt commissions being paid for contracts with a financial institution", without naming the woman or the company.

"The woman, who was an executive at the financial institution, received bribes in the form of paid personal expenses to the value of more than A$5.4 million from a contractor to maintain the contract and approve overstated invoices," police said in a statement.

A court representative confirmed the woman was Rogers. NAB, Australia's fourth-largest bank, declined to comment and referred Reuters to a statement it released last week which said that "if the alleged fraud is proven, it represents a most serious breach of trust by a former employee".

Police first reported they were investigating allegations of fraud at NAB last April, including raids on properties. A second 43-year-old woman was charged over the investigation four days ago, police said.

Police said Rogers was denied bail and was due to appear in court later in the day. ($1 = A$1.4)