Up to $60,000 is believed to have gone missing from student funds at campus newspaper Woroni, the ANU Students Association and a student sporting group, although the full amount of money involved is yet to be established.

The student groups have supplied investigators with the name of a former student who they believe is solely responsible, alleging that funds from the organisations were siphoned into bank accounts belonging to the student over an 18-month period.

The alleged theft is believed to have been discovered as several of the ANU's student representative bodies move towards becoming incorporated associations, a process that is supposed to lead to greater financial accountability. But ANUSA president Dallas Proctor refused to answer questions yesterday about the governance processes around his organisation's stewardship of student monies.

He also refused to be interviewed about the incorporation process.

The man suspected of the fraud, a former undergraduate aged in his early 20s, is from a wealthy interstate family and has been an office-holder in several student organisations at ANU during the past several years.

It is understood the man has already approached his former colleagues with a repayment offer.

However, the former office-holder denied any knowledge of the matter when contacted by The Canberra Times this week. ''That would be serious if it were true,'' he said.

The alleged fraud is the latest serious problem to emerge for the university this year.

In late April University Vice-Chancellor Ian Young backed down on his decision to enforce $40 million in budget cuts and 150 job losses by the end of the year, just six weeks after his announcement the ANU was facing a financial crisis and could not remain internationally competitive with a surplus of just $14 million on its $1 billion turnover. The university continues to face a backlash from academics, students and the community over its decision to axe 10 jobs and $1.3 million in annual funding from the School of Music.

An ACT Policing spokesman confirmed yesterday that the force was investigating the missing money. However, he declined to make any further comment.

Mr Proctor issued a joint statement yesterday with Angus Minns, editor in chief of ANU Student Media, publisher of Woroni.

''The ANU Student's Association and ANU Student Media are aware of an incident regarding association funds,'' the joint statement reads.

''The matter has been referred to the police and we are awaiting the outcome of the investigation.''