WAPCOS Limited, a Central Public Sector Enterprise under the Ministry of Jal Shakti, is facing allegations of irregular financial reporting and governance lapses, according to internal sources.Sources alleged that the company continued to record turnover and profits after the statutory closure of accounts on March 31, 2026. The practice has been described internally as “profit engineering”. If established, it could involve misrepresentation of financial statements and violation of accounting norms.

The post of Director (Finance) remains vacant in both WAPCOS Limited and NPCC Limited, sources said. In the absence of a designated authority, financial functions are reported to be handled by an internal officer, referred to as “Sushma”, without formal authorisation.Questions have been raised regarding approval of revenue recognition, certification of financial statements, and authority for entries made after the closure of accounts.

Sources also alleged the role of a group within the organisation in influencing decision-making. Officials, including Pradeep Kumar and Sumir Chawla, are described as being close to CMD Shilpa Shinde. It is alleged that certain contractors have access to internal information and continue to derive financial benefit.

An internal communication cited by sources reads: “Badi Madam ne kaha hai — unko dena hai”.

Sources said some contracts linked to the alleged network have been terminated. However, there is no indication of blacklisting of firms, forensic audit of transactions, or public disclosure of internal findings.

Accounts from within the organisation suggest action against officials raising concerns, limited scope for dissent, and administrative pressure in decision-making.

WAPCOS Limited is also reported to be witnessing a decline in overseas projects, delays in international assignments, and impact on external credibility.

The developments raise questions regarding the reliability of financial statements, accountability in the absence of a Director (Finance), and the status of audit and scrutiny processes.

There have been calls for a review by the Comptroller and Auditor General of India and intervention by the Ministry of Jal Shakti.

WAPCOS Limited and the Ministry of Jal Shakti have not issued any response so far.