New Zealand born Jon Waldron, 44, handed himself into police at North Sydney on Thursday, eight days after his alleged co-conspirator and former manager Keith Hunter was arrested in Surry Hills and later charged with two counts of bribery.

Mr Waldron has been charged with seven counts of receiving corrupt payments relating to a contract awarded by the Commonwealth bank to Californian-based IT firm ServiceMesh.

At the time of Mr Hunter's arrest, police said they had wanted to speak to Mr Waldron as part of their investigations but he had flown to the US after learning about the investigation.

The men are alleged to have awarded big-money contracts, worth tens of millions of dollars, to ServiceMesh without putting it to public tender.

The pair then allegedly received payments of more than $1.9 million from a not-for-profit organisation, Ace Foundation, which was set up by by ServiceMesh, in return for awarding the contract.

At the time Mr Hunter, 61, was the bank's former general manager of technology service management and operations. Mr Waldron reported to him as the bank's general manager of IT engineering.

Head of the fraud and cybercrime squad, Detective Superintendent Arthur Katsogiannis, has said Mr Hunter and Mr Waldron were "probably the most senior bank executives" to be allegedly caught carrying out a fraud.

Police will allege the bribes were paid into the mens' bank accounts held with the Commonwealth Bank and the Auckland Savings Bank, which is owned by the CBA.

The Commonwealth Bank began its own investigation into the alleged bribery scandal last October after its own internal investigations uncovered suspicious payments in both mens' bank accounts.

After being questioned by the bank, police will allege Mr Hunter sent an email to Mr Waldron which read: "I am so shocked I want to vomit," the email allegedly stated.  "I cannot believe we were tis [sic] stupid."

Both men were then fired by the bank and NSW police were notified.

ServiceMesh, a cloud computing company, was co-founded by leading IT entrepreneur Eric Pulier, a health and technology adviser to then US vice-president Al Gore and a member of former US president Bill Clinton's Clinton Global Initiative.

The company was sold to US giant Computer Sciences Corporation in 2013 for more than $150 million.

NSW police will allege that the Commonwealth Bank contract was of a "significant size" and would have "contributed significantly" to the IT company's sale to CSC.

CSC has previously said that it was assisting authorities while also conducting its own investigation.

"CSC strives to conduct its business globally with the highest degree of integrity and will ensure that these concerns are thoroughly and promptly addressed."

The Commonwealth Bank has said that no customer has been affected by this alleged crime.

"We have no tolerance for any illegal activity by any employee and we take every situation seriously," a statement from the bank released on Wednesday said.

Mr Hunter was granted bail when he appeared in court last week and will appear before Sydney's Central Local Court on April 1.

Mr Waldron was granted police bail and is due to appear in the Downing Centre Local Court on May 1.