The Federal Investigation Agency (FIA) has formally initiated proceedings under Section 25 of the Anti-Money Laundering Act 2010 against the Institute of Business Administration (IBA) Karachi and has sought further information and records from the IBA regarding all foreign travel tickets and other matters of the executive director, registrar and director HR by October 3.
FIA Investigation Officer Umaid Arshad Butt has said in the second letter written to the executive director and director finance of the IBA that proceedings are underway against the executive management of the IBA Karachi for, among other matters, allegations of criminal misconduct, corruption and misappropriation of funds of government institutions and money laundering of proceeds from the commission of corruption crimes.
The letter has also sought complete procurement files from the IBA, including feasibility reports, pre-qualifications, tender notices, bids received, evaluation reports, procurement committee minutes, company profiles, award letters and details of completion certificates in respect of the following tenders.
The letter has sought payment records for tenders along with vendor bank details, payment vouchers, delivery confirmations, bid securities, performance securities, mobilization advances, IPCs, extension of time (EoT) claims along with details of contracts of consultants and project managers etc. The names and domiciles of employees recruited from financial year 2019-20 to financial year 2024-25 have also been sought. Details of salaries, stipends, allowances, TA&DA etc. of the executive director, registrar, director finance, and head of procurement from financial year 2019-20 to financial year 2024-25 and copies of the Government Assets Declaration Form submitted by the executive director, registrar, director finance, and head of procurement from financial year 2019-20 to financial year 2024-25 have also been sought.
