Audit finds $21 million financial irregularities in Pakistan Cricket Board

An undated picture of Pakistan Cricket Board's building in Lahore, Pakistan. (Pakistan Cricket Boardlinkedin)
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Updated 16 July 2025
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Audit finds $21 million financial irregularities in Pakistan Cricket Board

  • Auditors flag $18.6 million in unpaid sponsorships, question spending on police meals during foreign tours
  • Report also cites improper hiring, unauthorized perks for PCB chairman, governance lapses over two years

ISLAMABAD: An audit report has found financial irregularities to the tune of more than rupees 6 billion ($21 million) and governance issues within the Pakistan Cricket Board dating back two years.

The Auditor General of Pakistan’s report for the 2023-24 financial year was published in The News and highlighted the non-recovery of outstanding sponsorship worth rupees 5.3 billion ($18.6 million) as the major discrepancy identified.

PCB chairman Mohsin Naqvi is the third person in four years to lead the sport’s national administration, following Ramiz Raja and Zaka Ashraf. He is also a government minister.

The report also questioned the rupees 63.39 million ($220,000) the PCB spent on meals for police and law enforcement personnel assigned for the security of foreign teams during international matches in Pakistan.

The auditors said providing security was the responsibility of governments, and disagreed with the PCB’s explanation that visiting international teams were given extra safety guarantees that required heavy police deployment.

The audit report also flagged the hiring of three junior regional coaches who didn’t meet the eligibility criteria and the appointment of a media director outside the proper procedure.

Compensation paid to cover utility charges, fuel and accommodation for the PCB chairman between February and June of last year was also highlighted as unauthorized because Navqi received that as part of his government benefits.

The auditors rejected the cricket board’s response that the PCB chairman “is authorized for utility expense as per bylaws.”

The PCB is yet to comment on the audit report.


JazzCash signs deal with Binance in UAE to explore regulated crypto adoption in Pakistan

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JazzCash signs deal with Binance in UAE to explore regulated crypto adoption in Pakistan

  • MoU focuses on awareness and development of compliant virtual-asset solutions in Pakistan
  • Pakistan introducing licensing regime for crypto firms as it formalizes digital-asset oversight

ISLAMABAD: Pakistani financial-technology platform JazzCash has signed a memorandum of understanding with global cryptocurrency exchange Binance in the United Arab Emirates to explore cooperation on virtual-asset use and education in Pakistan, the company said on Wednesday.

The agreement sets a framework for discussions on awareness campaigns and future digital-asset products that would comply with Pakistan’s emerging crypto regulations. The move signals growing engagement between global blockchain companies and Pakistani fintechs as authorities shift toward formal licensing of the sector.

Pakistan has spent the past year drafting rules to regulate the fast-expanding market for digital coins and tokens, requiring virtual-asset service providers to obtain government approval. Officials say the transition is aimed at curbing money-laundering and terror financing risks, boosting transparency and encouraging responsible innovation.

“JazzCash has always championed technologies that expand financial access while promoting secure and inclusive participation in the digital economy," JazzCash Chief Executive Officer Murtaza Ali said. 

“By entering into this exploratory MoU with Binance, we are advancing our efforts to understand how global digital-asset trends can support Pakistan’s evolving regulatory landscape. We aim to engage responsibly, support regulatory progress, and advance opportunities that build trust, transparency and innovation for our customers.”

The MoU does not establish a commercial partnership, but marks one of the most high-profile engagements between Pakistan’s fintech sector and a global crypto exchange as the country moves toward regulated digital-asset adoption.

Binance welcomed the cooperation, framing it as part of Pakistan’s shift toward regulated digital-asset activity.

"With regulatory frameworks like [Pakistan Virtual Assets Regulatory Authority] PVARA paving the way, this collaboration represents a significant step toward expanding financial inclusion and empowering more people to access the benefits of blockchain technology in a secure and compliant environment," Binance Chief Marketing Officer Rachel Conlan said.

Earlier this month, Binance executives met Pakistani finance officials to discuss digital-payments reform, blockchain-skills training and the potential for Web3-linked jobs. Pakistan also set up the Pakistan Crypto Council and formed PVARA this year to license and supervise crypto-asset service providers.