SYDNEY, March 27 -- An Australian Coca-Cola Amatil executive has been arrested for fraud involving more than 500,000 Australian dollars (391,000 U.S. dollars).

The 61-year-old employee was alleged to have received corrupt commissions and also committing money laundering, Fairfax Media reported on Friday.

He received commissions from a vehicle supplier for leasing its cars.

Police alleged the man had a bank account to receive the commissions, and that the vehicle supplier made four deposits worth 504,900 Australian dollars between June 2014 and February 2015.

"An employee of Coca-Cola Amatil has been arrested and charged with receiving corrupt commissions and money laundering," Coca- Cola Amatil said in a statement, adding "This matter is being investigated by the NSW Police Fraud and Cyber Squad who are undertaking a full investigation."

"Coca-Cola Amatil is providing its complete co-operation and support to the police and whilst the police investigation and court proceedings are on foot it is inappropriate for us to comment further," said the statement.

Police said they expected to make further arrests over the matter.

Coca-Cola Amatil is one of the largest bottlers of non- alcoholic ready-to-drink beverages in the Asia-Pacific region and employs 14,900 people across the region.