"It's not true," said Akins after a court appearance on Wednesday.
Akins resigned from the police department in November 2007 after nine years of service.
Police Supt. Jody Weis released a statement: "I expect all of our police officers to uphold the law. When one fails to do so, we are all forced to work even harder to repair the damage and restore the community's trust. The actions of one officer should not tarnish the star of those who serve with honor and distinction every day."
Operation Tow Scam is a joint effort by the FBI, IRS and CPD Internal Affairs Division. The five-year-investigation has resulted in criminal charges against six individuals, including Akins. Four of those charged are on active duty with the CPD at the alleged time of the crimes.
Akins will appear in court again next month.