Saido Berahino has furiously denied accusations that his foundation failed to fulfil a promise to donate money to charity.
The Charity Commission is investigating after WaterAid said they had not received any money from the Stoke City striker's organisation.
The Saido Berahino Foundation (SBF) was launched at a glitzy party at the London Hilton in Mayfair in May 2015.
The star-studded event was attended by a string of high-profile footballers.
Berahino, who was playing for West Bromwich Albion at the time, posed for photos in front of boards with the SBF logo and the words "in support of WaterAid".
It emerged on Wednesday that the SBF is being probed after WaterAid claimed it had never received any donation from the event despite believing it would do so.
But when approached by Mirror Sport , the striker's representative denied the accusation and insisted no promise was made to WaterAid.
A spokesperson for WaterAid said earlier that the charity had not had any contact with the foundation for over a year.
They added: "WaterAid was approached by the SBF in February 2015 regarding a dinner to be held on May 5, 2015 at the Hilton Park Lane to raise funds for the foundation.
"The event was not managed or paid for by WaterAid.
"WaterAid staff attended the event and we provided images and film for use on the foundation website but made no financial contribution towards the event.
"It was WaterAid's understanding that we would receive a donation from the event.
"WaterAid has not, to date, received any money from the SBF.
"WaterAid has not had contact with representatives from the SBF since March 2016."
Representatives from the SBF said the London gala event never made "significant funds" to enable it to make a donation.
But the Charity Commission has now confirmed it would be getting in touch with WaterAid and the SBF to "decide whether there are regulatory issues to assess".
A spokesman said: "The SBF is not registered with us.
"We are also aware WaterAid has confirmed that they have not received any money from the foundation.
"We will now be getting in touch with the foundation and with WaterAid to decide whether there are regulatory issues we need to assess."
The launch event for the SBF was attended by a string of West Brom first team players as well as club legend Cyrille Regis.
An auction was held on the night where Sunderland striker Victor Anichebe helped raise £1,000 for a coaching session with Berahino by acting as auctioneer.
The WBA Former Players' Association also made a donation of £50 to the foundation as a goodwill gesture.
Secretary Geoff Snape said the association hadn't heard anything from the foundation since handing the cheque over to Berahino.
The SBF website, which was set up in 2015 listing the foundation's aims, is no longer accessible and its Twitter account has not tweeted since March 31 last year.
Berahino joined West Bromwich Albion aged 11 and turned professional with the Premier League club seven years later.
The striker made his debut in the 2013-14 season but fell out of favour after a length transfer saga which ended with a move to Tottenham Hotspur falling through.
He finally left the club and joined Premier League rivals Stoke City for £12 million in January this year.
After the transfer it emerged Berahino had served an eight-week suspension by the FA for failing an out-of-competition drugs test in September last year.
But in a BBC interview the forward recently claimed he failed the test because someone had spiked his drink.