Sean "P. Diddy" Combs attends the Heatherette Spring 2008 collection during New York Fashion Week Sept. 11, 2007. (Xinhua/Reuters Photo)

BEIJING, Oct. 18 -- Hip-hop mogul Diddy -- real name Sean Combs -- is being investigated in relation to an alleged assault at a New York City nightclub during the weekend, police sources said.

The sources said Steven Acevedo, 31, has accused Combs, 37, of punching him twice in the face at a nightclub on Saturday morning in the Manhattan neighborhood of SoHo in a fight over a woman. They said Combs could be facing a misdemeanor charge of third degree assault.

The New York County District Attorney's Office said on Tuesday that no charges had yet been filed.

"We are hopeful that this matter will be resolved without the filing of any criminal charges as this was a disagreement among acquaintances, not a criminal assault," Combs' attorney Benjamin Brafman said in a statement.

Diddy came in third on the Forbes.com "Hip-Hop Cash Kings" list in August with estimated earnings of $28 million in the past year. He runs Bad Boy Entertainment, owns the Sean John clothing label, has a cologne licensed to Estee Lauder and is an MTV television producer.

Forbes.com added that "Diddy's camp insists we have undervalued his 2006 income."

(Source: China Daily/