The Caribbean Showcase celebrated Caribbean culture in London
Spending on London's Caribbean Showcase event is being investigated by police after allegations funds were misused.
The free event was held in Hyde Park in August 2005 and 2006 to celebrate Caribbean culture in the capital.
Police are investigating after an internal Greater London Authority (GLA) inquiry found that "cash may have gone missing or has been misappropriated".
The GLA said: "We believe there is evidence that GLA systems and processes were not followed by two individuals."
The showcase took place on the same weekend as the annual Notting Hill Carnival, which also celebrates Caribbean culture.
Carnival organisers said the showcase was a threat to the Notting Hill event but showcase organisers said they complemented each other.
Funding for the Caribbean Showcase was examined by mayor Boris Johnson's forensic audit panel, which put it forward for further investigation.
The 2005 event cost £179,000, with £95,000 contributed by the London Development Agency (LDA), the mayor's business arm. The 2006 event cost £313,000, including £215,000 from the LDA and £74,000 from the GLA.