The Maldives Police Service has launched an investigation into the Bank of Maldives' recent decision to limit USD transactions, a move that was quickly reversed following a directive from the Maldives Monetary Authority (MMA). The police allege that the decision could have been part of an attempted coup, potentially in collusion with the opposition Maldivian Democratic Party (MDP).

In a press statement, the police said that the decision by BML coincided with press breifing by MDP and widespread online activity, involving hundreds of suspected bot accounts, which allegedly encouraged protests and called for government overthrow.

The police further indicated that the timing of these events raised concerns about a coordinated effort to destabilise the government.

In response to the developments, President Dr. Mohamed Muizzu and his party leadership referred to BML's decision as an attempted coup, demanding the resignation of the bank's CEO. The government stated that BML’s decision was taken directly against the instructions of both the President and government officials, including the Maldives Monetary Authority.

The investigation is ongoing as authorities continue to probe into the alleged conspiracy behind the decision.