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The National Accountability Bureau (NAB) Rawalpindi/Islamabad organized a special ceremony at its headquarters in Islamabad to distribute recovered funds to the victims of the B4U scam.
The B4U fraud, or the B4U scam, is among Pakistan’s largest financial scams. It was run as an online Ponzi scheme by Saif-ur-Rehman and his associates through shell companies. Billions were collected from the public with promises of a 7pc monthly return.
NAB began its inquiry on February 5, 2021, after receiving hundreds of complaints from victims and the Securities and Exchange Commission of Pakistan (SECP).
During the probe, NAB froze 56 bank accounts, properties, and other assets linked to the accused. Digital records were also secured to verify the claims of affectees of the B4U scam.
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Through persistent legal action, NAB initiated a recovery of Rs7.3 billion from the B4U scam. In the first phase, Rs3.7 billion is being handed over to 17,500 victims. Around 10,000 victims will receive their full payment, while 7,500 will get 40pc now. The remaining 60pc will be disbursed within six months, following the disposal of the accused’s assets.
Speaking at the event, NAB Chairman said the bureau remains committed to public-interest cases, full recovery of looted money, and timely return to victims. He also urged citizens to remain vigilant when investing in schemes and verify all details before trusting their savings, to avoid becoming victims of scams like the B4U scam.
