ACC Launches Investigation into Missing MVR 9 Million from PSM Funds

The Anti-Corruption Commission (ACC) has launched a formal investigation into the disappearance of MVR 9 million from Public Service Media (PSM) funds. 

In a statement, the ACC confirmed it is investigating a case involving money intended for currency exchange transactions and other income sources. PSM first submitted the case to the commission, which prompted the ACC to begin its investigation earlier in July.

advertisement

Following an initial inquiry, the ACC is now exploring further aspects of the case. The commission noted that the Auditor General’s Office had previously conducted a special audit of PSM and had shared its findings with the ACC. The ACC emphasised that both agencies are working collaboratively to ensure the integrity of the evidence collected.

The Maldives Police Service had also referred the same case to the ACC earlier in September. According to the audit report from PSM, a total of MVR 9,034,083 has gone missing from its finances. This includes MVR 4.58 million, which was withdrawn from PSM’s bank accounts between 2020 and April 2024 for currency exchange transactions, part of PSM’s revenue generated between 2017 and April 2024, MVR 4.26 million received from other transactions, and MVR 190,087 that had been kept in PSM’s safe.

The audit revealed that although MVR 5,785,346 was withdrawn over the years for currency exchange, PSM never received the equivalent of USD 297,257, which should have been MVR 4,583,701. From the total withdrawn for currency exchange, PSM received only USD 76,731, which is equivalent to MVR 1,201,645. Additionally, MVR 1,284,479 was withdrawn from online US dollar exchange transactions. Out of this amount, MVR 1,164,068, equivalent to USD 75,491, was transferred to a bank account that belonged to PSM’s former Finance Director.

The investigation remains ongoing as the ACC and other relevant authorities continue to assess the full scope of the financial mismanagement at PSM.