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The National Accountability Bureau (NAB) has initiated the first phase of the B4U fraud recovery, distributing cheques worth Rs3.7 billion among 17,500 victims during a ceremony held at its headquarters.
The event was chaired by NAB Chairman Lt. Gen (R) Nazir Ahmed and attended by Prosecutor General Accountability Syed Ihtesham Qadir Shah, Director Generals, senior officials, and a large number of affected citizens.
The B4U fraud, regarded as one of Pakistan’s biggest financial scams, operated as an online Ponzi scheme through shell companies led by Saif-ur-Rehman and his partners. Promising a monthly return of 7 percent, the scheme collected billions of rupees from unsuspecting investors.
Following complaints from victims and the Securities and Exchange Commission of Pakistan (SECP), NAB launched an inquiry on February 5, 2021. Investigators froze 56 bank accounts, properties, and assets linked to the accused while verifying claims through digital records.
NAB Begins Rs7.3 Billion Recovery Drive with First Phase Payouts
A total recovery drive of Rs7.3 billion was initiated, with Rs3.7 billion disbursed in the first phase. Out of 17,500 victims, 10,000 will receive their full amount, while 7,500 will get 40 percent now. The remaining 60 percent will be released within six months after the liquidation of the accused’s properties.
Addressing the ceremony, NAB Chairman said the bureau is committed to ensuring swift and full B4U fraud recovery to protect the public’s trust. He urged citizens to verify investment opportunities before putting their money at risk.
He further praised the NAB Rawalpindi/Islamabad team for leading the recovery process and announced an Umrah package as recognition of their efforts. The bureau also confirmed that future disbursements will be directly transferred to victims’ bank accounts, removing the need to visit NAB offices.
DG NAB Rawalpindi/Islamabad Waqar Ahmed Chohan highlighted the challenges officers faced during the investigation and recovery process. Meanwhile, victims expressed relief and gratitude, acknowledging NAB’s role in helping them reclaim their lost savings.
