Giulia Penna was granted bail on Wednesday in the NSW Supreme Court following 10 months in custody after a court heard ties to her four children, one of whom is still school-aged, made her less of a risk of fleeing the country.
She is accused of helping Michel Germani rob his own jewellery store to claim insurance on $2.8 million worth of goods.
The 57-year-old has been charged with aggravated robbery and depriving a person of liberty, as well as accessory before the fact and participating in a criminal group.
On Tuesday, Germani, 66, was refused bail over concerns including that he could flee to China, where his wife Coco has a network of contacts.
Prosecutor Burton Ko told the court Penna was one of the masterminds who convinced others to participate in the scheme after she was contacted by Germani.
She allegedly helped recruit the fake robbers and drove them to Bunnings to buy cable ties with which to restrain Germani and another employee during the heist.Â
In granting bail, Justice Stephen Campbell noted the case against Penna was strong and she was "undoubtedly central" to the alleged scheme.
"This is a very strong crown case, to the extent of being virtually overwhelming," he said.
Police intercepted calls between Penna and her husband after she was informed of an arrest being made in relation to the robbery, telling him to look in her wardrobe for concealed "chain necklaces".
"Listen this is urgent, when you have five minutes," she allegedly said.
"They arrested one, get rid of those please.
"The other stuff we'll get rid of it later."
Police are yet to recover the jewellery taken during the heist, the amount and exact value of which is unknown other than what has been put forward by Germani in his insurance claim.
Penna's lawyer Mark Klees said there was no evidence to support the value reported for the jewellery or who currently had it in their possession.
"No one could rely on Mr Germani as to what he's saying was taken or what anything was worth," he said.
"Part of the insurance fraud is they're putting in figures to make it as high as possible."
Penna had been convicted in the past for crimes of dishonesty, the court heard.
"She was a person who occupied a position of trust in the community as working in the financial services industry, an industry from which she has now been barred," Justice Campbell said.
As part of her bail conditions, Penna must reside entirely at a property in the inner-western Sydney suburb of Burwood and may only leave the residence if accompanied by her husband or one of her three adult children.
She must also pay a $20,000 surety put forward by her family, which prosecutors pointed out was less than one per cent of the reported value of the missing jewellery.
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