Dominique Strauss-Kahn indicted in sex assault case (UPDATES)

Dominique Strauss-Kahn was indicted today over the sex assault case raised by a hotel maid who accused him of trying to rape her.

A New York grand jury indicted the former IMF chief on seven counts including two counts of criminal sexual acts in the first degree, and one count each of attempted rape, sex abuse in the first degree, sexual abuse in the third degree, forcible touching and unlawful imprisonment in the second degree, according to ABC News.

New York State Supreme Court Judge Michael Obus said Strauss-Kahn, 62, can be released on $1 million cash bail, and placed under 24-hour home detention with electronic monitoring, Reuters reported.

Strauss-Kahn resigned from the IMF Wednesday.

"It is with infinite sadness that I feel compelled today to present to the Executive Board my resignation from my post of Managing Director of the IMF. I think at this time first of my wife — whom I love more than anything — of my children, of my family, of my friends," Strauss-Kahn wrote in his resignation letter to the IMF.

In his resignation letter, Strauss-Kahn denies the allegations made against him but says he wants to "protect this institution."

His resignation takes effect immediately.

John Lipsky will remain the IMF's acting managing director until the executive board selects a new managing director, according to an IMF press release.

Speculation has swirled over who will replace Strauss-Kahn, with particular attention shifting to French Finance Minister Christine Largarde.

Before this week's explosive allegations of sexual assault, Strauss-Kahn was expected to declare his candidacy for the French presidency. Strauss-Kahn was seen as the candidate most capable of ousting French President Nicolas Sarkozy, who remains deeply unpopular in France.