Rajendrasinh Makwana, a former Fannie Mae computer-engineering employee, is accused of creating a malware computer time bomb that could have destroyed millions of files, reports Network World.

Makwana has been indicted on computer intrusion charges in the U.S. District Court for Maryland. According to the indictment, he prepared a virus that would "cause damage to Fannie Mae’s computer network by entering malicious code that was intended to execute on January 31, 2009."  Malwana is said to be out on $100,000 bail.

News of the indictment comes just as McAfee has released a study that says IT managers are concerned by the security threats that recently laid-off employees present.