The allegations, reported in the Daily Telegraph on Tuesday, centre on Gino Pozzo's sole takeover of the Hornets in 2014, where he assumed complete control from his father Giampaolo, and the alleged use of a forged banking letter
The Hornets are now under investigation by the EFL and could face a fine or points deduction if the claims are proven to be accurate
A statement released by the club earlier in the week said they taking "this matter extremely seriously" and went on to say they have started an independent investigation into the allegations.
The off-field drama comes at a time when Mazzarri has guided Watford to their best-ever start to a Premier League campaign, having taken 12 points from their opening nine matches.
And the Italian, who took over in the summer, says he is not concerned by the threat of any action from the EFL's findings, backing Pozzo to be cleared of any wrongdoing.
"I am not worried at all," he said when asked about the possibility of a points deduction, confirming he had spoken with Pozzo about the matter.
"The club have already made a statement on this situation and I'm on line with the club
I know what the club is doing
I don't want to add anything else.
"Honestly it is something I am not interested in
The president has always done things in the right and correct way, that's enough for me."
Watford host struggling Hull on Saturday looking to go four games unbeaten, having been unlucky to draw at Swansea last weekend.
And, despite being happy with how his team are performing, Mazzarri feels they should have accrued more points at this stage of the campaign.
"In general I am very happy on the whole with the team," he said.
"Me, with the way I am, I look a lot at the performances, we could have had more points
We could have scored and should have scored against Swansea
We should have one or two more points."
Source : PA
Source: PA