A senior official with Israel's Mossad intelligence service was forced to take a leave of absence, after allegations of his financial misconduct started to surface, local media reported Sunday.

The alleged misconduct, according to police sources, refers to events taking place between 2009 and mid-2011. No further details of the misconduct's nature were disclosed.

The police is currently investigating, and head of Mossad, Tamir Pardo, asked the official to be put on leave until the case is clarified.

Mossad sources told the Israel Hayom daily that the official denied any wrongdoing and that he is most likely to retire upon the conclusion of the investigation.

"He is not likely to be reinstated in his prior position, since some of the findings from the investigation are already quite problematic," the source said.

Police spokesman would not comment on the report, saying they do not refer or comment to investigations that are currently underway.

In an official statement, the Prime Minister's Office stated that the investigation and its outcome will be in accordance with official guidelines.

"The final decision regarding the fate of the department head, following the investigation, will be reached after formal proceedings are completed as required by law," the statement said.