A request to investigate the Duke of York was made on Monday by the anti-monarchy group Republic, which reported the royal for using a pseudonym in his financial dealings.
The group requested the Metropolitan Police investigate Prince Andrew without "fear or favour" after alleging he was using the name "Andrew Inverness" in his financial dealings.
The King’s brother, 64, who holds the Scottish courtesy title the Earl of Inverness, was revealed six years ago to have set up several firms using the pseudonym.
© GettyAccording to PA, Republic, which campaigns for an elected head of state, reported the Duke to the Met Police on Monday, accusing him of filing false information with Companies House regarding one of the firms, Naples Gold Limited.
It also accused him of listing a London residential address at which they claim he never resided.
Graham Smith, Republic’s chief executive, told PA: "The royals appear to believe they can act with impunity, an impression given weight by the lack of police action on serious allegations of corruption and sexual offences.
"The apparent filing of false information with Companies House may seem trivial, but the UK faces serious issues of fraud committed in this way.
"While no such fraud is alleged here, surely Andrew must be held to the highest standards."
He added: "As it is an offence under the Companies Act to file false information, there must surely be a public interest in pursuing the matter when it’s such a high-profile figure allegedly doing it.
"We expect the police to pursue this matter without fear or favour, something they seem to struggle with when it comes to the royals."
A Met Police spokesperson said: "On Monday 6 January, the Met received a report relating to a Companies House filing.
"This report will now be assessed to determine whether any further action is required. There is no investigation at this early stage."
The fresh scrutiny over Andrew's business affairs comes just weeks after he was linked to alleged Chinese spy Yang Tengbo.
Andrew didn't attend the royal family’s annual Christmas celebrations at Sandringham after his friendly relationship with Mr Yang emerged.
He was a founding partner of the Chinese arm of Andrew’s Pitch@Palace initiative and visited several royal residences at the invitation of the Duke.
Mr Yang, who has denied being involved in espionage, has since been banned from entering the UK.
