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FIA Seeks IBA Records in Alleged Money Laundering Probe
FIA’s Corporate Crime Circle has sought IBA’s financial records (2020–2024) in a money laundering probe. IBA says the inquiry is routine and audits are conducted by accredited firms.
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by Muhammad Hashir
2025-09-22
FIA Seeks IBA Records in Alleged Money Laundering Probe

The Federal Investigation Agency’s (FIA) Corporate Crime Circle has launched an inquiry into alleged money laundering linked to the Institute of Business Administration (IBA) and has requested comprehensive records from the institution.

According to the FIA letter, the probe falls under the Anti-Money Laundering Act 2010 and focuses on alleged corruption involving public institutional funds, HEC grants (federal and provincial), FIBAT endowment funds, IT, and infrastructure procurement contracts. The FIA alleged that funds may have been laundered through movable and immovable properties locally and internationally by executive beneficiaries.

The agency has demanded the following records from IBA:

·       Audited financial statements from 2020 to 2024

·       Records of grants and endowments from HEC (federal & provincial)

·       Details of grants from domestic and foreign donors

·       Bank statements of IBA and related trusts, including vouchers and approvals

·       Trust deeds and related documents

·       Names of all procurement contractors and vendors since 2020

An IBA spokesperson confirmed receipt of the FIA’s letter, clarifying that the process is a routine inquiry and not unusual:

“Similar notices have been issued to other public sector universities. No individual in IBA has unilateral authority over financial or administrative matters. External and internal audits, including pre-audits, are conducted by accredited audit firms.”

The development comes amid increased scrutiny of financial practices at higher education institutions across Pakistan.
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Pakistan

FIA

MoneyLaundering

IBA
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