ISLAMABAD: The National Accountability Bureau (NAB) has begun transferring recovered funds directly to victims’ bank accounts, easing the longstanding difficulties faced by people seeking restitution in financial scam cases.
In the first phase, the NAB Islamabad/Rawalpindi on Wednesday credited Rs878.7 million to the accounts of 5,008 victims of the B4U fraud in a single day — the bureau’s largest and fastest recovery disbursement to date. A ceremony marking the milestone was held at the NAB Headquarters, presided over by Chairman Lt Gen (R) Nazir Ahmed who personally initiated the online transfers. Senior NAB officers and National Bank of Pakistan (NBP) management attended the event.
Previously, the NAB disbursed recovered funds through pay orders to limited batches of victims, a time-consuming process that required personal visits to NAB offices. The new fully digital system eliminates those steps, allowing direct bank transfers nationwide.
The B4U fraud investigation began in February 2021 following complaints from the Securities and Exchange Commission of Pakistan (SECP) and victims. The accused admitted a liability of Rs7.3 billion and the NAB has so far recovered Rs3.7 billion for distribution among 17,250 victims, with further payments to follow as more funds are recovered.
Calling the initiative a “milestone,” the NAB chairman said the digitized system would make fund recovery “more efficient, transparent and easier through technology”, sparing victims repeated visits to NAB offices. NAB plans to replicate this online disbursement model in all regional offices for future recoveries.
