B4U Fraud case: Saif-ur-Rehman’s interim bail extended till June 9

NAB says he isn’t cooperating in the investigation

ISLAMABAD, MAY 22: The Islamabad High Court has extended interim bail of B4U owner Saif-ur-Rehman’s till June 9 for scamming the public in the name of investment.

Saif-ur-Rehman did not appear before the court on Thursday as he had tested positive for Covid-19. His request to remain absent from the hearing was accepted.

A written reply from the National Accountability Bureau was made part of the record.

NAB requested the court to dismiss Saif-ur-Rehman’s petition against its call-up notice. Rehman’s lawyer, however, sought time to respond to NAB.

The anti-graft body informed the court that Saif-ur-Rehman’s companies were in deficit. The profit made by them for the public was apparently unrealistic, it said.

NAB opposed Rehman’s plea for the extension of bail. “In the public interest, the petition of the accused should be rejected,” it said.

But the court granted the plea and adjourned the hearing till June 9.

Earlier, Rehman and his son Ahmar’s name were put on the Exit Control List so they couldn’t leave the country as their company is being investigated for a fraud.

The two men have been accused of fraudulently encouraging people to invest in their company.

NAB has asked victims of the B4U Global fraud to contact it in Rawalpindi.

B4U Global Investment grew 4.5 times in less than a year with its investor base rising from 100,000 in June to 450,000. It is estimated that the company has attracted billions of rupees in investment.

The Malaysia-returned Pakistani uses a controversial multi-level marketing business model to offer people unrealistic and guaranteed profits. The promise ranges from 7% to 20% a month (or 2.4 times a year), depending on one’s network size.

Earlier in December last year, the Securities and Exchange Commission of Pakistan warned people against investing in any fraudulent schemes that promise hefty profits and unrealistic incentives. B4U was on its list.

“This entity is raising unauthorised deposits from the general public in the name of different investment plans,” the SECP said. It added B4U is working with different companies registered with the SECP, and that the watchdog has already initiated legal proceedings against these companies and their directors.

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COURTESY SAMAA

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