National Accountability Bureau (Rawalpindi) has started payment to seventeen thousand and five hundred victims of the B4U fraud.
In this connection, a cheque distribution’ ceremony was held at the NAB headquarters, Islamabad today.
The B4U fraud is one of country’s largest financial scams as billions of rupees were collected from the public by promising a seven percent monthly return.
It was operated as an online Ponzi scheme through shell companies by Saif-ur-Rehman and his associates.
NAB initiated an inquiry into the matter on 2021, after receiving hundreds of complaints from victims and the Securities and Exchange Commission of Pakistan.
During the investigation, NAB traced and froze fifty-six bank accounts, properties, and other assets belonging to the accused persons, while online data was downloaded and used to verify victims’ claims.
As a result of NAB’s persistent efforts and legal action, a recovery process for 7.3 billion rupees was initiated.
At the initial phase, three point seven billion rupees is being distributed among 17500 affectees with 10000 affectees getting their whole amount and remaining 7500 will get 40 percent of their amount. The rest will be paid within six months after disposing of the properties of the accused.
