A special ceremony was organized by the National Accountability Bureau (NAB) Rawalpindi/Islamabad at NAB headquarters, Islamabad, on Thursday to distribute cheques of recovered funds to the victims of the B4U fraud.
The B4U fraud is one of Pakistan’s largest financial scams, operated as an online Ponzi scheme through shell companies by Saif-ur-Rehman and his associates. Billions of rupees were collected from the public with the promise of a 7% monthly return.
NAB initiated an inquiry into the matter on February 5, 2021, after receiving hundreds of complaints from victims and the Securities and Exchange Commission of Pakistan (SECP). During the investigation, NAB traced and froze 56 bank accounts, properties, and other assets belonging to the accused. Online data was also downloaded and used to verify victims’ claims.
As a result of NAB’s persistent efforts and legal action, a recovery process for Rs. 7.3 billion was initiated. In the initial phase, Rs. 3.7 billion is being distributed among 17,500 affectees. Of these, 10,000 victims will receive their full amount, while the remaining 7,500 will receive 40% of their amount now, with the remaining 60% to be paid within six months after the disposal of the accused’s properties.
Addressing the ceremony, Chairman NAB reiterated the bureau’s priorities, which include focusing on cases affecting the public at large, recovering 100% of the looted amount from the accused, and returning it to the victims in the shortest possible time.
He also urged the public to exercise caution when investing their hard-earned money in various schemes and to conduct thorough inquiries before making investments.
The Chairman appreciated the efforts and hard work of the NAB Rawalpindi/Islamabad team, whose dedication made the recoveries and disbursement of funds possible despite various challenges in the B4U scam. As a token of appreciation, he announced an Umrah package as an incentive for the entire NAB Rawalpindi team.
It was further announced that, in the future, victims will no longer need to visit NAB offices to claim their compensation, as funds will be directly transferred to their bank accounts. This milestone reflects NAB’s commitment to protecting public interests, recovering looted funds, and restoring public trust.
Earlier, DG NAB (Rawalpindi/Islamabad) Waqar Ahmed Chohan highlighted the efforts of the concerned case officers and briefed the audience on the challenges faced during the recovery of the looted amount from the accused in the B4U scam.
The beneficiaries expressed deep satisfaction and gratitude for NAB’s efforts, stating that they had lost all hope of recovering their savings. They praised the relentless efforts of Chairman NAB, Lt. Gen. (R) Nazir Ahmed, and NAB officials, whose hard work made this recovery and distribution possible.
The ceremony was presided over by Chairman NAB, 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 general public and scam affectees.