The suspect performed bookkeeping services for both companies. The investigation revealed she had been writing cheques to herself between 2008 and 2011.
She has been released from custody has been charged with fraud over, theft over, uttering a forged document and breach of trust.
In a similar story, an arrest warrant has been issued for one of three men from Montreal, Que., who allegedly conspired to steal what is believed to be in excess of $16 million from Atlas Copco, said Greater Sudbury Police Service.
The two other men have already been arrested and have returned to Sudbury for their bail hearings.
Greater Sudbury Police Service entered into a joint fraud investigation in April 2008 with the Royal Canadian Mounted Police after Atlas Copco reported an internal fraud where two of their senior executives allegedly conspired with the company's health-care provider to increase monthly billing and produce fraudulent invoices, said a news release from Greater Sudbury Police Service. The excess money was split between the co-conspirators, police allege.