Three deputy heads and two assistant heads at Homerton Technology College, in Hackney, have been suspended.
The shortfall was discovered by the Learning Trust, which administrates education in Hackney, after it began managing the school’s budget last September.
Scotland Yard said it had begun investigations to see if anybody will face a criminal charge.
Alan Wood, chief executive of the Learning Trust, said: ‘Our rigorous investigation will expose any wrongdoing and we will take legal action if necessary.’
The school has 960 male pupils aged between 11 and 16.
Two new audit partners have been appointed at the firm BDO in its audit practice following continued growth and investment
Investment in people, tech and businesses impacts on EY's profit per partner figure
If businesses do not take cyber security seriously in their business planning regulators may do it for them, the ICAEW has warned
Dr Richard Willis provides a several thousand-year history lesson of the profession, from origin to modern-day