These charges were laid on him, after an interview by the Fraud Squad Officers, following Gibson's arrest in Port Moresby, on Wednesday.
Mr. Gibson will appear at the Waigani Committal Court, next Monday.
Gibson's deputy, Jacob Yafai, who was suspended by the National Executive Council after the allegations surfaced last year was also arrested and will defend his charges at the Committal Court next Friday.
Other law firm principals apart from Paul Paraka who were arrested so far include Harvey Nii, Jack Kilipi and Kumoro Sino.
Further arrests are expected.
A warrant of arrest issued by the District Court for Prime Minister Peter O'Neill and his two senior ministers, Don Polye and James Marape on the same issue was set aside after O'Neill's lawyer stayed the application a week ago.
The Investigation Task Force Sweep has cleared Mr O'Neill, saying they don't have any case to pursue as there is no evidence.
Meantime, Mr Paraka will appear on the 24th of this month, at the Committal Court, to see if police have completed their investigation and are ready with his files.
ONE PNG / NBC