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The senior Nakheel executive embroiled in a bribery scandal has been named in media reports as Walid Al Jaziri, the company's general manager of sales.
Al Jaziri is currently being questioned by Dubai police, UAE daily Gulf News reported on Friday.
Nakheel, part of state-owned conglomerate Dubai World, would not confirm whether Al Jaziri is being questioned, but said one of its employees is under investigation.
"As a result of this internal audit process, the company can confirm that a member of staff is being interviewed by the authorities," Nakheel said in a statement.
"The allegation of financial irregularities is in relation to the acceptance of sums paid to an employee by third parties."
London-based magazine MEED said on Friday that a criminal case was brought against a senior Nakheel executive this month for alleged financial irregularities.
"The company can confirm that no embezzlement has taken place within Nakheel," Nakheel said.
Dubai Public Prosecution was closed on Friday and a court official did not answer his mobile phone.
Nakheel CEO Chris O'Donnell declined to comment on the case when contacted by Reuters.
The news comes a day after a probe surfaced involving former employees of mortgage lender Tamweel and months after investigations began into alleged irregularities by executives at Dubai Islamic Bank and its affiliate Deyaar.
Tamweel's former CEO and head of investments are being probed for alleged wrongdoing, their current employer Istithmar World said on Thursday.
