Daniel Gyimah former National Investment Bank (NIB) boss was on Friday put before an Accra Fast Track High Court.
This was after he had been discharged by an Accra Circuit Court, this morning on charges of wilfully causing financial loss to the state.
Gyimah together with the Managing Director of Eland International Ghana Limited, Arvind Kumar Bhartnagor have now been jointly charged with conspiracy to defraud.
Other charges preferred against them were attempting to defraud international Banking Community and three counts of forgery of documents including reports on goods under the control of the NIB for Eland.
Gyimah has pleaded not guilty and the court presided over by Mr Charles Quist has admitted him to bail in the sum of GH 500, 000 cedis with two sureties to be justified.
He would reappear on September 17.
Bhartnagor, Gyimah's accomplice was not in court.
Meanwhile prosecution has informed the court that they could seek assistance to get Bhartnago who was not within the court's jurisdiction, to appear and stand trial.
Colonel Alex Johnson (Retired) who represented Gyimah prayed the court to admit his client to his former bail terms offered by the Circuit Court.
Prosecution said on 31, May 2007, NIB's net was worth 42,947,896 cedis.
The banking Act did not allow bank to give 20 per cent of its worth out rather gave 10 per cent.
Prosecution said in NIB and Eland's transaction, Gyimah gave out 20 per cent of the banks worth without the knowledge of the bank's board.
Subsequently the NIB from February to December 2008, received swift messages from Standard Chartered Bank requesting payment of 60 million dollars cedis to Ghana International Commercial Bank in respect of the 30 promissory notes.
Prosecution said there were no records of transactions at the bank and investigations indicated that documents on the transaction did not exist as he Gyimah conspired with Bhartgnor to defraud the state.