NAB repays B4U scam victims; Rs3.7bn paid in first phase

ISLAMABAD: The National Accountability Bureau (NAB) distributed cheques worth Rs3.7 billion among victims of the multi-billion rupee B4U financial scam at a ceremony held at its headquarters in Islamabad on Thursday.

The event was presided over by NAB Chairman Lt Gen (retd) Nazir Ahmed and attended by Prosecutor General Accountability Syed Ihtesham Qadir Shah, senior NAB officers, and a large number of the B4U scam victims.

Out of a total Rs7.3 billion being recovered, NAB has begun the first phase of distribution.

Around 17,500 victims are being compensated, with 10,000 receiving their full amounts and the remaining 7,500 getting 40 per cent now. The balance will be disbursed within six months after the accused’s properties are disposed of.

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To improve transparency and convenience, NAB further announced that in future, victims would not be required to visit its offices for compensation, as funds will be transferred directly into their bank accounts.

One of the largest Ponzi schemes

to APP, the B4U scam was one of Pakistan’s largest Ponzi schemes. It was run by Saif-ur-Rehman and his associates through shell companies, luring people with a promise of seven per cent monthly returns.

NAB launched an inquiry in February 2021 after receiving complaints from victims and the Securities and Exchange Commission of Pakistan (SECP).

Investigators traced 56 bank accounts, properties and other assets linked to the accused.

Speaking at the ceremony, the NAB chairman reiterated his commitment to recovering looted public money and returning it to victims at the earliest.

He urged citizens to exercise caution when investing in schemes and praised NAB Rawalpindi’s team for pursuing the case despite multiple challenges.

As a gesture of appreciation, he also announced an Umrah package for the team.

Beneficiaries at the event expressed gratitude, saying they had lost all hope of recovering their savings until NAB’s intervention.

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They also welcomed NAB’s decision to transfer funds directly into the bank accounts of B4U scam victims, sparing them the hassle of visiting its offices to collect the money.