Insiders at World Athletics are believed to have stolen about $1.75 million over “a period of several years,” prompting the federation to pursue criminal cases while launching “a set of enhanced internal financial controls,” it said in a statement.
The federation said it discovered the “systematic theft” earlier this year. The focus, the statement said, centers on two former employees and a contracted consultant. At issue: fake or doctored invoices.
World Athletics headquarters in Moncaco’s Port Hercules // World Athletics
“At HQ everyone was stunned,” said a source familiar with the matter, speaking on condition of anonymity. “I think that’s the word.”
One of the two ex-employees left before the theft was discovered. The other, and the consultant, “had their contracts terminated,” the federation said in that statement, offered in response to an inquiry about the matter.
Four sources with knowledge of the World Athletics review, speaking on condition of anonymity, said ex-chief operating officer Vineesh Kochhar and James Lord, former director of broadcast, are the focus of the inquiry. The third person, an aide, did not have managerial responsibility.
“Unfortunately,” World Athletics president Seb Coe said in that news release, “corporate theft happens in organizations around the world and across all industry sectors at different levels. The most important thing is to identify it, review how it was able to happen, and then introduce new processes and enhanced controls to ensure it doesn’t happen again. This is what we have done.
“We are also determined to recover whatever monies we are able, using the full force of the law to do this,” he said, the statement also saying “detailed cases have been prepared and handed over to the relevant judicial and legal authorities for criminal investigation,” understood to be in Monaco and the United Kingdom.
Coe continued:
“Too many organizations brush incidents like this under the carpet, terminating employment with limited information, which allows perpetrators to continue their scams and thefts within new organizations. We are not that type of organization.
“We have built a strong reputation for good governance, transparency and for defending what is right,” Coe said, “even if it is sometimes a little uncomfortable. This is uncomfortable, but it is important that we do the right thing.”
The World Athletics 2024 financial report, published in early September, shows year-over-year revenue up 10.5%, to $59.8 million. Rough math: $1.75 million is just under 3% of that sum. The math is all the more rough because, to reiterate, the World Athletics statement notes the “systematic theft” took place over “a period of several years.”
That $59.8 million does not include the every-four-years Olympic dividend, $39.6 million. Adding the two gives final revenue for the year of $99.4 million, and a cash position of just under $40 million.
On Thursday, Kochhar’s LinkedIn profile still identified him as World Athletics chief operating officer — though it also says, in contradictory fashion, that his time with the federation ended 10 months ago. He served in that position, and previously as chief financial officer, from August 2017 to December 2024.
Lord’s broadcast role ran from June 2018 until July 2025, according to his LinkedIn profile.
The missing money falls mainly into two chunks.
The first totals about 1.1 million euros, roughly $1.28 million at current exchange rates.
The other is about 400,000 euros, equal to $466,000.
The first audit conducted by a new business team uncovered the discrepancy. The federation launched an “independent forensic accounting review,” and “no other fraudulent activity was found,” the statement said.
Lord responded to the second of two emails this week seeking comment by asking to know what “specific statements or references” would be in this story. A reply email explained. He did not respond to that reply.
Kochhar did not respond to emails and a LinkedIn message seeking comment.
The third person did not respond to a LinkedIn message.
Khochar is believed to be in India. Lord is in Britain. The third person, Monaco.
New World Athletics protocols now require knowing who every supplier is and what they are supplying, and an enhanced signature sign-off — meaning double — for all invoices.