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Former Thanet Council leader Sandy Ezekiel has been charged with fraud and misconduct in public office.
It follows an investigation by the Serious Economic Crime Unit, Kent Police confirmed this afternoon.
The charges relate to the purchase of a property in King Street in Margate between September 2009 and February last year.
Ezekiel, 59, of Crow Hill, in Broadstairs, was charged along with Philip Emanuel, of Laleham Gardens, Margate.
The 64-year-old is accused of aiding and abetting fraud.
Both have been bailed to appear before Maidstone magistrates on Tuesday, May 8.