ISLAMABAD: The National Accountability Bureau (NAB), Rawalpindi, has initiated the largest compensation disbursement in its history, releasing Rs3.7 billion to 17,500 victims of the multibillion-rupee B4U financial scam.
A special ceremony, held at the NAB headquarters on Thursday, was presided over by Chairman NAB Lt-Gen (retd) Nazir Ahmed and attended by Prosecutor General Accountability Syed Ihtesham Qadir Shah, Director Generals, senior NAB officers and hundreds of scam affectees.
The B4U scandal — one of Pakistan’s biggest Ponzi schemes — was operated by Saifur Rehman and his associates through shell companies, luring the public with promises of a 7 per cent monthly return. Following hundreds of complaints from victims and a referral by the Securities and Exchange Commission of Pakistan (SECP), NAB launched an inquiry on February 5, 2021. Investigators traced and froze 56 bank accounts, properties and other assets linked to the accused.
As part of the recovery process totalling Rs7.3 billion, NAB has begun disbursing Rs3.7 billion in the first phase. Out of the 17,500 affectees, 10,000 have received their entire claim, while the remaining 7,500 will get 40pc of their money now, with the balance to be paid within six months after disposal of the accused’s properties.
Addressing the ceremony, Nazir Ahmed reiterated the Bureau’s resolve to prioritise cases involving the general public and ensure 100pc recovery of looted funds. He urged citizens to exercise caution before investing in dubious schemes.
He lauded the NAB Rawalpindi team for their persistent efforts despite major challenges, and announced an Umrah package as an incentive for the team. The chairman also assured that future compensation would be transferred directly into victims’ bank accounts, eliminating the need for them to visit NAB offices.