The inquiry centres on an alleged conflict of interest involving a senior manager at the New Millennium Experience Company and a company that was awarded a contract.
It is understood that the police are investigating an allegation that the contractor overcharged NMEC by up to £50 000 for the work.
It is understood that the allegations have been made by a former employee of the contractor. A dome insider said: “An address was given by someone who joined our management team that was similar to one listed for a shareholder in a company to which we awarded a contract. We found the address the manager had given was owned by a shareholder in the company that was awarded one of our service and maintenance contracts.”
Another insider added that concerns had been raised about the amount of money the contractor had earned on the contract.
The NMEC manager at the centre of the allegation is understood to be a woman.
The insider added that the dome’s management had launched its own inquiry into the incident earlier in the year and was satisfied that nothing untoward had gone on.
The address was owned by a shareholder in the company awarded a contract
However, after an examination by PriceWaterhouseCoopers, the dome’s auditor, it was decided to call in the police.
A spokesman for Scotland Yard confirmed that there was an investigation but declined to name the company or the contract. He said: “It is alleged that the contract was awarded inappropriately. The matter is being considered by the Metropolitan Police fraud squad.”
In an official statement NMEC denied that the police were investigating each of the 2800 dome contracts.
He said: “The investigation does relate to one of the many services contracts but does not relate to the construction of the dome.
“It is too early to say what the amount is. The dome’s rigorous internal control system identified a possible irregularity relating to one contractor and police have been kept informed since June.”