Audit reports unearths massive 500 m rupee financial scam in PCB

Islamabad, Mar.20 (ANI): An audit report of the Pakistan Cricket Board (PCB) has revealed massive financial irregularities in the board amounting to over 500 million rupees.

According to a report of the Auditor General, the PCB incurred huge losses of over 500 million rupees from 2003 to 2008 during the period when Shahrayar Mohammad Khan and Dr Nasim Ashraf headed the board.

The report said that the PCB, which has long been crying over its sagging financial accounts, paid an additional bonus of 90 million rupees to its employees during the said period against the board's laws.

It also pointed out that Shafqat Naghmi was appointed as the Chief Operating Officer (COO) of the board bypassing the formal channels, and that the National Assembly was kept in the dark about his appointment.

Naghmi was paid 10.07 million rupees as salary and other benefits during his tenure, The Daily Times quoted the audit report, as revealing.

The audit report further disclosed that eight senior officials were paid 10.28 million rupees 'illegally' during the ICC Champions Trophy in 2008. (ANI)