Man charged with extortion in Sydney

A senior employee of a major multi-national company has been arrested in western Sydney and charged with extorting around half a million dollars from a transport sub-contractor.

Detectives began investigating after the company contacted police to report the employee was allegedly receiving suspicious personal payments from the sub-contracting company.

Police allege that for over two years a senior employee extorted personal payments from a sub-contractor to maintain a transport contract.

On Wednesday evening detectives arrested a 38-year-old man at Mt Druitt and charged him with extortion, corruption and dealing in the proceeds of crime.

Police say the charges relate to alleged weekly payments and gifts, including a vehicle, demanded by the 38-year-old man from the sub-contractor, totalling approximately half a million dollars over a two and a half year period.

The man was refused bail to appear before Mt Druitt Local Court on Thursday.

A search warrant was also conducted at a home at Colyton, with cash and other exhibits seized.