A Sydney woman has been arrested for trying to flee the country after she wrongly received $4.6 million in her bank account and spent millions of dollars on handbags and luxury goods.

Christine Jiaxin Lee, 21, was apprehended at Sydney airport on Wednesday trying to board a flight to Malaysia after obtaining an emergency passport.

The chemical engineering student has been charged with dishonestly obtaining financial advantage by deception and knowingly dealing with the proceeds of crime.

The Waverley Local Court heard Lee was given access to the extraordinary amount of funds when Westpac accidently linked an unlimited overdraw facility to the account she opened in 2012.

NSW police allege between July 2014 and April 2015, Lee supposedly made withdrawals on numerous occasions that totalled $4,653,333.02 — of which $3.3 million was still “outstanding”.

The money was allegedly spent on designer goods including handbags.

The young student has been granted bail in court on condition that she report twice daily to police in the Sydney suburb of Ryde, surrenders her emergency passport and lives with her boyfriend Vincent King in the suburb of Rhodes.

The case will return to court on June 21.

– with other agencies