A sub-committee of the Parliament's Public Accounts Committee has recommended the establishment of a Serious and Complex Financial Investigation Office within the Anti-Corruption Commission (ACC) to investigate corruption within the Police Cooperative Society (POLCO).

The recommendation follows an audit report revealing large-scale financial misconduct involving billions of rupees in a housing project in Hulhumalé, resulting in a reported loss of MVR 355 million. The flats were allegedly constructed to benefit a select group, raising concerns of misuse of public funds.

Deputy Speaker Ahmed Nazim, who chaired the sub-committee, said the individuals implicated include senior police officials. He noted that the evidence collected warrants a full criminal investigation. However, due to potential conflicts of interest with the Maldives Police Service investigating its own members, the committee urged that the ACC handle the probe.

Nazim also mentioned that some of the findings were classified, though a comprehensive 104-page report detailing the findings and recommendations has been completed. The sub-committee has approved the report's submission to the full Public Accounts Committee, which will decide on its submission to Parliament.