JOHANNESBURG - Former KPMG bursary specialist Fidelis Moema and his co-accused Piet Gezani Machimane and Lebohang Sigubudu have each been granted bail of R50,000.
Moema faces over 400 counts of fraud.
He was arrested last week for allegedly pocketing R16.5-million from KMPG.
READ: PROSECUTOR WANTS TO NAIL FORMER KPMG EMPLOYEE, FIDELIS MOEMA
He allegedly paid money into the bank accounts of his friends instead of paying fees on behalf of students.
KPMG says Moema was dismissed for non-compliance with the firm's policies.
Police say the money would then be deposited into his bank account.