The Missing Millions: Tracing Waelchi LLC's Vanishing Funds

A forensic audit of Waelchi LLC's disbursement ledger found PKR 45 billion booked against invoices for services that vendors say were never rendered.

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

Payroll records obtained by this newsroom list 2,692 active employee accounts for which no tax, pension, or attendance records could be located.

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.

Payroll records obtained by this newsroom list 1,037 active employee accounts for which no tax, pension, or attendance records could be located.

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.