The city’s Board of Elections now has someone looking over its shoulder.

The Department of Investigation announced yesterday that it has formed a six-person unit at a cost of $824,000 to investigate possible “fraud, waste and corruption” at the board.

Board spokeswoman Valerie Vazquez declined to comment.

The DOI said it decided to upgrade oversight after issuing a report that concluded the board wasted $2.4 million by not consolidating polling stations for the November 2011 election. That election drew just 3.9 percent of voters.