The Missing Millions: Tracing Waelchi LLC's Vanishing Funds

Bank statements show recurring transfers of PKR 4,613 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 2018 management letter, but follow-up correspondence shows the finding was downgraded from "material" to "administrative" before the final report was issued.

External auditors flagged the discrepancy in a 2017 management letter, but follow-up correspondence shows the finding was downgraded from "material" to "administrative" before the final report was issued.

A Public Health Social Worker who worked in the finance department for six years said cash advances were routinely approved without the second signature required under internal controls.

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 52 billion booked against invoices for services that vendors say were never rendered.