The Miss Venezuela beauty pageant was suspended and an internal investigation launched after its contestants accused each other of receiving money from businessmen and government officials in exchange for sexual favours.

A formal investigation was launched by organisers following a vitriolic social media spat that saw former participants accusing each other of inappropriate behavior.

In a confused flurry of social media posts this month, a group of ex-participants insinuated that other contestants had sought to enrich themselves through romantic relationships with corrupt businessmen and officials.

“Given the events recently described on social media ... a decision has been made to begin an internal review to determine if anyone linked (to the pageant), during the course of their involvement, violated the values and ethics of the contest,” the Miss Venezuela Organization said in a statement.

Venezuelans are among the world’s most successful beauty show contestants and have won global pageants including Miss Universe and Miss World more than a dozen times.