The former property officer of Bermuda Housing Corporation, Terrance Smith, and his wife, Veronica, were released on bail for $50,000 each with a surety for two counts of false pretences with intent to defraud Capital G Limited.

The couple, of Tee Street, Devonshire, were charged with defrauding the bank between July 8 and July 28, 2000 for $595,000 and again for defrauding the bank of $245,000 between November 2, 2001 and July 31, 2002.

The charges are indictable and the pair were set down for mention on November 26 with bail set at $50,000 each and both with a surety.