The World Economic Forum has opened an investigation into its founder and former chairman, Klaus Schwab, following a whistle-blower's allegation that he and his wife were involved in financial and ethical misconduct.

The probe was first reported by The Wall Street Journal on Tuesday, one day after Schwab stepped down from his post. 

The WEF on Wednesday confirmed the investigation.

The group said in a statement that its board of trustees "unanimously supported the Audit and Risk Committee's decision to initiate an independent investigation following a whistleblower letter containing allegations against former Chairman Klaus Schwab," according to news outlets.

Schwab has denied the allegations.

The Journal's sources said an anonymous letter was sent to the Forum's board last week, alleging that Schwab had asked junior employees to withdraw thousands of dollars from ATMs on his behalf and used Forum funds to pay for private, in-room massages at hotels. 

The whistleblower also claimed that Schwab's wife, Hilde, a former Forum employee, scheduled "token" Forum-funded meetings so that she could use the organization's money to justify her luxury holiday travel.

The letter also claimed that Schwab's leadership allowed sexual harassment and other discriminatory behavior to go unchecked in the organization.