The Missing Millions: Tracing Waelchi LLC's Vanishing Funds
Forensic accountants tracing Waelchi LLC's books found PKR 48 billion routed through accounts with no corresponding goods or services delivered.
Fraud and Embezzlement
PK-REF-6932
The Missing Millions: Tracing Waelchi LLC's Vanishing Funds
Forensic accountants tracing Waelchi LLC's books found PKR 11 billion routed through accounts with no corresponding goods or services delivered.
Exposed Sum
PKR 35B
Bank statements show recurring transfers of PKR 4,552 million to a personal account belonging to a senior finance officer, structured to fall just under the internal review threshold.
External auditors flagged the discrepancy in a 2020 management letter, but follow-up correspondence shows the finding was downgraded from "material" to "administrative" before the final report was issued.
A forensic audit of Waelchi LLC's disbursement ledger found PKR 56 billion booked against invoices for services that vendors say were never rendered.
Court filings from a related civil suit describe a parallel set of books kept alongside the official ledger, a detail corroborated by two former employees interviewed for this investigation.
Court filings from a related civil suit describe a parallel set of books kept alongside the official ledger, a detail corroborated by two former employees interviewed for this investigation.
Bank statements show recurring transfers of PKR 6,437 million to a personal account belonging to a senior finance officer, structured to fall just under the internal review threshold.
Evidentiary Exhibits
A payroll extract shows 2,034 salary payments issued to employee IDs with no matching personnel file.
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The Missing Millions: Tracing Waelchi LLC's Vanishing Funds
A whistleblower inside Waelchi LLC provided payroll records showing salaries paid to 1,787 employees who, per HR records, do not exist.