Dubious investment schemes: SC extends interim bail of accused

ISLAMABAD: The Supreme Court on Friday extended the interim bail of Saifur Rehman, an accused facing charges of cheating his clients for billions of rupees through his dubious investment schemes.

A three-member bench of the apex court headed by acting Chief Justice Umer Ata Bandial heard the bail matter of Saifur Rehman. The court extended the interim bail of the accused until September 22 and directed the counsel of the accused as well as the National Accountability Bureau (NAB) to come prepared on the next date of hearing.

The NAB submitted evidence of the accused accumulating money from people. The court expressed concerns over the matter relating to a huge investment of billions of rupees in the scam. The acting chief justice asked the NAB whether the accused was cooperating with the anti-graft body in the investigation.

The NAB prosecutor submitted before the court that a questioner was handed over to the accused, but he failed to reply satisfactorily. Latif Khosa, counsel for the accused, contended that the NAB wants a reply according to its wishes. He told the court his client was summoned after three days and interrogated for six hours.

The court observed that the NAB could proceed with the matter further if the accused is not giving a satisfactory reply. The NAB prosecutor submitted before the court that the accused is not providing the list of investors. To a query of the court, he said the company of the accused was not registered but had taken the money from people in its own name.

Later, the court extended the interim bail of the accused until September 22 and adjourned the hearing. On the last hearing, the court had directed the accused to cooperate with the NAB in the ongoing investigation and turn up when the bureau summons him.

Prosecutor General Asghar Haider had told the court the size of the investment fraud was Rs 116 billion, with over Rs 100 billion in suspicious bank transactions, adding that the affected persons numbered over 400,000. He had submitted before the court that one of the four wives of the accused was a Malaysian national and the alleged mastermind behind the entire fraud. Similarly, he had informed the court that Saifur Rehman had once run away from the Islamabad High Court (IHC) after the dismissal of his bail plea.

Likewise, according to the NAB, the BFU Group of Companies is not registered with the Security and Exchange Commission of Pakistan (SECP). However, it is illegally functioning through its various shell companies to seek illegal deposits from the general public through illegal investment plans such as leasing/financing of cars, motorcycles, houses, etc.

The NAB stated that around 400,000 members are victims of the said Ponzi scheme in Pakistan, adding that the number may grow because the said scheme is also present in Malaysia, Singapore, Philippines, Myanmar, New Zeeland, Cambodia, Bahrain, Azerbaijan and Romania.