NAB arrests Saif-ur-Rehman in startup fraud case

The National Accountability Bureau (NAB) has detained B4U Group CEO Saif-ur-Rehman in the Mudaraba fraud case. According to (NAB), the B4U firm is accused of defrauding the general public in the guise of investment, for which the Securities and Exchange Commission of Pakistan has previously imposed a Rs.4 billion penalty. The corporation does not have any physical businesses or a central bank license.

He escaped from the Islamabad High Court on Thursday after a bench comprised of IHC Chief Justice Athar Minallah and Justice Amir Farooq denied his bail application. Since then, NAB authorities have been searching for him.

RELATED:  Careem drones making ways to deliver food in Pakistan 

According to records, Rs11 billion was collected from the public via social media and located in as many as 26 bank accounts operated by the firm, with additional investigations continuing to determine the entire amount held by the company in other accounts.

saif-ur-rehman

Khan was detained outside the courthouse about 9:30 a.m. and was able to get an interim bail around noon when the NAB brought him before the court.

If the NAB must conduct a recovery, it must do so in accordance with the law, according to Justice Bandial. He also ordered that the CCTV footage of Khan’s arrest be shown at the next hearing, which is set for September 1.

It should be noted here that Saif-ur-Rehman is accused of defrauding the people in the guise of investing.

 

Nayab Khan

Nayab Khan is a freelance tech-writer whose specialty is absorbing the key data and articulating the most important points. She helps IT based organizations communicate their message clearly across multiple channels.
Back to top button
>