|Procter & Gamble is based in the US city of Cincinnati, Ohio|
A statement on the presidential website, published on Sunday, said P&G had inflated the price of imports by $138m (£87m) in an effort to get money out of the South American country.
It also accused the firm of attempting to avoid taxes.
The alleged fraud involves shipments of razors and other hygiene products.
P&G, which is based in the US, could not be reached for comment, due to the time difference.
The statement, published on behalf of Argentina's Federal Administration of Public Revenue (Afip), added that details of the alleged fraud have been sent to its counterpart in the US - the Securities and Exchange Commission.
Post Credit: BBC