NAB Rawalpindi starts payment to 17,500 B4U affectees
Pakistan
The ceremony was presided over by Chairman NAB Lt. Gen (R) Nazir Ahmed.
ISLAMABAD (Dunya News) - A special ceremony was organized by National Accountability Bureau (Rawalpindi/Islamabad) at NAB headquarters, Islamabad on Thursday to distribute cheques of recovered funds to 17,500 victims of the B4U fraud.
The ceremony was presided over by Chairman NAB Lt. Gen (R) Nazir Ahmed and attended by Prosecutor General Accountability Syed Ihtesham Qadir Shah, Director Generals, senior NAB officers and a large number of general public/scam affectees.
The B4U fraud is one of Pakistan’s largest financial scams, operated as an online Ponzi scheme through shell companies by Saif-ur-Rehman and his associates. Billions of rupees were collected from the public by promising a 7 percent monthly return.
NAB initiated an inquiry into the matter on February 5, 2021, after receiving hundreds of complaints from victims and the Securities and Exchange Commission of Pakistan (SECP). During the investigation, NAB traced and froze 56 bank accounts, properties, and other assets belonging to the accused persons, while online data was downloaded and used to verify victims’ claims.
