Penelope Wilkinson was employed by IP&E, which was closed down by Shropshire Council in February after it failed in its efforts to sell its "know-how" to other authorities.
The 42-year-old, of Colley Close in Shrewsbury, is set to appear at Telford Magistrates' Court on 22 August. She is currently on bail.
The council said it cannot comment as it is a "police matter".
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IP&E was set up by former council leader Keith Barrow, who resigned as director of the company after admitting he had not declared a relationship with the director of an accountancy firm appointed to work with it.
New leader Malcolm Pate ordered a review of the company, which found it had made total losses of £183,000 in its first two years and a profit of £28,000 in its third year.
Last year IP&E had said it would make profits of £238,000 by 2017.
A woman who worked for a council-run company has been charged with fraud.