A civil servant from Ottawa and an accountant are investigating the way Obedjiwan's band council has been spending cash on 300 housing units, a local sawmill, a grocery store and a gas station.
"I'm not surprised," said Christian Awashish, the band council chief. "We've had our share of complaints at council."
People in the Atikamekw community have been complaining about a lack of transparency since the provincial police launched a similar investigation in 2009.
The investigation led to accusations of fraud against a former member of the band council.
In the spring of 2011, about 200 people signed a petition asking for better management of the public purse.
Some people said they support the idea of an external audit.
Canada's Indian affairs ministry told Radio-Canada the investigation could lead to criminal charges if any wrongdoing is proven.