The group AAP Volunteer Action Manch (AVAM) claimed that the money was donated to AAP on the midnight of April 15 last year.
Karan Singh and Gopal Goel of AVAM alleged that four donations worth Rs 50 lakh each were remitted to the account of AAP from four different "dubious companies".
The AAP called it a conspiracy to tarnish its image ahead of the February 7 Delhi Assembly elections and challenged the government to get the matter investigated by any of its agencies.
Yadav said that the AAP has taken all its donations through cheques to ensure transparency and also insists on PAN card details for the transactions.
"We've taken all donations by cheque.. We have a BJP government (at the Centre). Let it investigate. Please punish me if anything wrong is found," AAP Chief Arvind Kejriwal said when asked about the allegations.