A special ceremony was held at NAB Headquarters, Islamabad, on Thursday by the National Accountability Bureau (NAB) Rawalpindi/Islamabad to distribute recovered funds among the victims of the massive B4U investment scam.
The B4U fraud, one of Pakistan’s largest financial scams, was run as an online Ponzi scheme by Saif-ur-Rehman and his associates. Through shell companies, they lured the public with promises of a 7% monthly return and collected billions of rupees.
NAB launched an inquiry into the scam on February 5, 2021, after receiving hundreds of complaints from victims and the Securities and Exchange Commission of Pakistan (SECP). Investigators froze 56 bank accounts and seized various properties and assets of the accused. Online data was used to verify claims submitted by the victims.
As part of the recovery process, Rs. 7.3 billion was traced. In the first phase, Rs. 3.7 billion is being disbursed among 17,500 affectees. Of these, 10,000 victims will get the full amount of their claims, while 7,500 will receive 40% now, and the remaining 60% will be paid within six months following the sale of the accused’s properties.
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During the event, NAB Chairman Lt. Gen. (R) Nazir Ahmed emphasized NAB’s public-centric approach, reiterating the goal of full recovery and timely return of looted funds. He advised citizens to remain vigilant when considering investment schemes and to perform proper due diligence.
The Chairman praised NAB Rawalpindi/Islamabad’s tireless efforts and announced an Umrah package for the team as recognition of their dedication in handling the complex case. He also announced that future compensation will be directly transferred to victims’ bank accounts, eliminating the need to visit NAB offices.
Director General NAB (Rawalpindi/Islamabad), Waqar Ahmed Chohan, provided insights into the challenges faced during the recovery process and lauded the performance of the case officers.
Many beneficiaries at the event expressed heartfelt gratitude to NAB officials, stating they had lost hope of recovering their savings. They applauded the efforts of NAB Chairman and the team for making the recoveries possible.
The event was attended by Prosecutor General Accountability Syed Ihtesham Qadir Shah, senior NAB officials, Director Generals, members of the public, and victims of the scam.
