Police are investigating allegations of a fraud at venue operator SMG Europe.The Manchester-based company runs venues including Manchester Arena, First Direct Arena in Leeds and Metro Radio Arena Newcastle. Greater Manchester Police (GMP) say no arrests have been made but enquiries are ongoing, reports the Manchester Evening News."On October 15, 2014, police received an allegation of fraud. An investigation has been launched and enquiries are ongoing," said GMP in a statement.SMG Europe has not commented on the matter, but Amplify says the fraud investigation is tied to an internal embezzlement case, quoting Bruce Hanson, corporate counsel for SMG, who said that last year "internal controls picked up a potential embezzlement" by an employee."They use the term fraud a little differently," in the UK, Hanson said. "SMG is not being investigated. Police are looking at a possible crime against the company." He added that SMG had first discovered financial impropriety "several years ago".