Wenger questions City move for Lampard
City were only able to name a 21-man squad for the UEFA Champions League, and were also fined and restricted in their transfer spending as European football's governing body deemed them to have breached FFP earlier this year.
Manager Manuel Pellegrini confirmed on Saturday that former Chelsea midfielder Frank Lampard will join the Premier League champions on loan until January from City's MLS franchise New York City.
New York City also loaned out new signing David Villa to Melbourne City - who are owned by the English club as well - and Wenger has raised concerns after learning of Lampard's switch back to England.
When asked about Lampard's temporary move to City, the Arsenal boss said: "It is a surprise.
"After the statements we hear it is a surprise but it looks like all of these 'City' clubs will feed the main club Man City. I heard they want to buy five clubs all over the world.
"I don't know the rules well enough but they brought a franchise for 100million US dollars (£59.4million) to play in the States next season.
"At the moment the players they sign cannot play until next year so they will register them in the clubs where they put them and they can get out on loan.
"Is it a way to get around the fair-play? I don't know. We are happy to dedicate the money to just run our club. There is not a lot of surplus to run other clubs."