By Peter Cassidy
The League One side entered administration this week, partly due to outstanding debts owed from the sale of development land in 2021.
The club have since been deducted 15 points as a result and are now bottom of the third tier on zero points.
Police confirmed on Thursday that officers received a report of suspected fraud at the football club in Dumbarton on October 29.
Detectives are now looking to establish the full circumstances.
Glasgow-based financial advisors Quantuma have been appointed as administrators for the West Dunbartonshire club and are aware of the police investigation.
The latest club accounts show Dumbarton were owed more than £1.6m and that a payment of £300,000 against that loan had not been made.
One of the country’s oldest football clubs, Dumbarton were formed in 1872 and have twice been champions of Scotland, including sharing the first-ever title with Rangers back in 1891.
They have also won the Scottish Cup in 1883, the second tier on two occasions (1911, 1972) and the third (1992) and fourth (2009) on one occasion each.
Supporters have launched a fundraiser to help with running costs, including the payment of staff and player wages.
Proud history: Sons’ team from the 1950s, including top goal scorer and most popular player, centre forward Hugh Gallacher.
Administrator Ian Wright said on Thursday night that there would be enough money around now to help the club struggle through to the end of the current season.
Fatal Boghead, as it was known, and ther programmes for the last match played there and the first match played at what is now the Rock Stadium.