Fraud-accused Sydney lawyer bailed on $2.6m surety

The daughter of Sydney property developer Jean Nassif has been granted bail with a $2.6 million surety after allegedly obtaining a $150m loan with a falsified pre-sale contract.

Lawyer Ashlyn Nassif, 27, spent the night behind bars before appearing at Downing Centre Local Court.

Defence lawyer Greg Stanton told the court she was co-operative at all times and surrendered herself to police.

Nassif attended Day Street Police Station on Tuesday afternoon where she was questioned before being arrested.

She is charged with two counts of dishonestly obtaining financial advantage by deception and publishing false and misleading material to obtain financial advantage.

Magistrate Greg Grogin granted bail on Wednesday noting no prior criminal record and good character despite the matter being "extremely serious in nature".

"They are not onerous but they are strict," the magistrate said of the bail conditions.

Nassif is not to contact her father and 24 other people, and will be required to remain at home with her mother.

The family agreed to the seizure of $2.6m if Nassif failed to appear at her next court date.

She was arrested following four simultaneous raids by NSW Police on Tuesday morning.

The properties raided included Jean Nassif's multimillion dollar Chiswick mansion and his development firm, Toplace, in Concord.

Search warrants were executed at the legal firm EA Legal, which Nassif operates in the CBD.

Nassif allegedly submitted sale contracts not bona fide to meet a $10.5m pre-sales condition for Skyview Apartments in Sydney's northwest suburb Castle Hill to obtain the $150m loan.

Jean Nassif is one of the key witnesses being sought by an NSW upper house inquiry examining development activities in Sydney's northwest.

He has not been accused of any wrongdoing in relation to the parliamentary investigation or this matter.

Ashlyn Nassif's case is to return to court on March 15.