An audit of the UN Development Programme's Moscow office says local employees may have embezzled US$1.2 million ($1.7 million).
The cash is believed to have been stolen between 2000 and last year by forging contracts and invoices.
The audit by UNDP headquarters in New York began in June, after Moscow staff became suspicious that financial violations had taken place.
The investigation is examining criminal as well as managerial responsibility.
UN audit points at embezzlement
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