A special ceremony was held by the National Accountability Bureau (NAB) at its headquarters in Islamabad on Thursday, where cheques of recovered funds, totaling Rs3.7 billion, were distributed to the victims of the B4U fraud.
The ceremony was presided over by NAB Chairman 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 the affected public.
The B4U fraud is among Pakistan’s largest financial scams, operating as an online Ponzi scheme through shell companies led by Saif-ur-Rehman and his associates. The scheme promised a 7% monthly return and collected billions of rupees from the public.
NAB initiated an inquiry on February 5, 2021, after receiving numerous complaints from victims and the Securities and Exchange Commission of Pakistan (SECP). During the investigation, NAB froze 56 bank accounts, properties, and other assets of the accused, using online data to verify the victims’ claims.
As a result of NAB’s actions, a recovery process for Rs7.3 billion was started. The first phase of the disbursement sees Rs3.7 billion being distributed among 17,500 victims. 10,000 of them will receive the full amount, while the remaining 7,500 will get 40% of their claims now, with the remaining 60% to be paid within six months after the liquidation of the accused’s properties.
In his address, NAB Chairman emphasized the organization’s focus on public interest cases, reiterating NAB’s commitment to recovering 100% of the looted amount and returning it to the victims promptly. He also advised the public to exercise caution and conduct thorough research before investing their money in any schemes.
The Chairman also recognized the hard work of the NAB Rawalpindi/Islamabad team, who played a pivotal role in the recovery and distribution process. He announced an Ummrah package as an incentive for the team.
It was further announced that future compensation payments will be directly transferred to victims’ bank accounts, eliminating the need for them to visit NAB offices. This initiative underscores NAB’s commitment to safeguarding public interests and ensuring transparency in the recovery process.
Earlier, DG NAB Rawalpindi/Islamabad Waqar Ahmed Chohan briefed the audience on the challenges faced by case officers during the recovery process.
The victims expressed their appreciation and gratitude, highlighting their previous doubts about recovering their lost savings. They thanked NAB officials, especially Chairman Lt. Gen. (Retd.) Nazir Ahmed, for their relentless efforts in making the recovery and distribution possible.
