Pakistan International Airlines (PIA) is a national flag carrier found in very miserable circumstance nowadays from fake degrees and professional licenses of the pilots to horrifying crashes with loss of precious lives. This situation is not a coincidence but an organised failure of institutional management, state, and internal controls. This paper seeks to essentially focus on the two main critical risk factors of kickbacks and mismanagement, in order to analyse the manner in which these risk factors have played a role in the perpetration of financial fraud in PIA. Further to this study, the paper shall propose a potential solution in controlling the advent and extent of financial crime in the PIA, as per the established standards of crime control (Croall, 2003).
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