An audit into the Solomon Islands Police Credit Union has uncovered alleged mismanagement of the fund.
The Police Commissioner Matthew Varley requested an audit into the financial management of the funds after complaints were made to police two months.
Solomon Fresh-beat Online said Commissioner Varley was provided with an interim summary of the audit this week.
The Central Bank of Solomon Islands and the Commissioner now have serious concerns that the Police Credit Union has been mismanaged and that it has lent monies beyond the proper lending criteria which has jeopardised the financial stability of the Credit Union.
The Commissioner is concerned about allegations of misconduct by office holders of the Credit Union, some of whom are serving police officers.
On Friday, Commissioner Varley instructed that a taskforce be established to investigate the alleged misconduct.
The taskforce consists of officers from Professional Standards & Internal Investigation and the National Criminal Investigations Division.
The Royal Solomon Islands Police Force will cooperate with the Central Bank of Solomon Islands on this matter.
On Friday, RSIPF investigators from the taskforce executed a search warrant on the Police Credit Union office to seize documents and records.
"These are allegations of serious misconduct involving a small number of police officers elected to positions within the credit union," Commissioner Varley said.
"We are taking this matter very seriously and we are working to establish the facts as quickly as possible," he said.
The Police Credit Union is a member operated fund under the Solomon Islands Credit Union Act.
It is separate legal entity to the RSIPF however members of the RSIPF contribute funds to the Credit Union and draw personal loans from it.