The organization behind one of the city's most well-known art fairs has lost more than $300,000 in an apparent embezzlement.

Police are investigating whether a former officer for the Penrod Society embezzled the funds from the nonprofit arts organization.

Brandon Benker, who was in charge of the group's checkbook, hired an attorney in November, the same time he resigned from his post at Indianapolis-based Somerset CPAs, said Pat Early, president of the company and a former Penrod Society president. Early said Banker's attorney, Jim Voyles, called to tell him about the embezzlement.

The funds are used to award grants to local arts groups, Early said. Penrod's annual art fair at the Indianapolis Museum of Art serves as its primary fundraiser.

The case has been assigned a detective in the Indianapolis Metropolitan Police Department's organized crime unit, said Lt. Dianna Ferguson-Mosley of the unit. No charges have been filed.