Supermarket giant Coles has accused one of its finance executives of embezzling almost $2 million by brazenly transferring money out of the company and using fraudulent emails in an attempt to cover it up.

The $18 billion retailer has sought court orders freezing the former employee's assets, so it might recover some of the money it has accused him of stealing. Victoria Police is investigating the alleged fraud.

Former Coles executive Aaron Baslangic, who the supermarket has accused of stealing $1.9 million from the company. Credit:Instagram

Aaron Baslangic started work at $18 billion retailer's Melbourne head office in 2014, where he moved through several financial roles, according to his LinkedIn profile, and was Coles Online's head of "Strategic Initiatives and B2B' before his left the company two weeks ago.

The Melbourne University MBA graduate oversaw a team of 80 people at Coles Online, according to his social media profiles.