Customs officers on Wednesday said they have arrested a 38-year-old man on suspicion of laundering HK$370 million.

The man was accused of setting up 15 accounts at various banks, and opening a shell company to handle over 1,500 suspicious transactions between November 2019 and May this year.

Marcus Lui from the syndicate crimes investigation bureau said the large amount of transactions and the suspect's background were "highly incommensurate", as the 38-year-old lives in a public housing flat and earns a monthly income of around HK$10,000.

Lui added that officers have frozen HK$7 million in his bank account.

He said the department will continue its investigation, and does not rule out making further arrests.