Financial irregularities surface at Islamia College and University

PESHAWAR: Financial irregularities of millions of rupees have surfaced at Islamia College and University, Peshawar.

The financial records of the university reveal that a massive spending of Rs50 million remains unaccounted for.

It appears that generators and transformers purchased from the university’s kitty turned into scrap much before coming into use while funds of Rs280 million released for a book fair were misappropriated.

Moreover, the assistant accountant of the university disappeared with hundreds of thousands of the university’s funds.

According to the vice chancellor of the university, investigation into the issue is in progress.

The initial findings of the probe revealed that secret accounts were being maintained by the university for the sole purpose of misappropriation of millions of rupees.

Neither did the university possess cheque books nor did it maintain any records pertaining to these accounts. The authorities of the varsity also denied having knowledge in this regard.