ISLAMABAD: After arresting and then releasing yesterday B4U company CEO Saif-ur-Rehman, The National Accountability Bureau (NAB) office dealing with Mudarba scandal revealed Tuesday that the group swindled some 400 investors out billions of rupees, ARY News reported.
Rehman was arrested yesterday from the Supreme Court premises where he went to secure an interim bail after the Islamabad High Court denied him that.
However, soon after his arrest came to pass, the CEO was awarded bail from the top court against surety bonds of Rs1 million.
NAB team overseeing the case has on the other hand revealed more details on the alleged fraud case saying there are some 400,000 affectees in the mudarba fraud case played out by the Saif-ur-Rehman group.
NAB arrests Saif-ur-Rehman in Mudaraba fraud case
NAB said group CEO Rehman made 20 companies to work for his fraud scheme and cheated 400,000 people using 70 different bank accounts.
The Financial Monitoring Unit, tasked to watch over shady transactions, confirmed 70 bank accounts were used in the said fraudulent schemes.
He has four wives one of whom lives in Malaysia, NAB sources told ARY News. He embezzled funds to Malaysia as well, the sources said.
The total volume of alleged fraud meted out to investors is Rs116 billion, said NAB sources.
Rehman did not cooperate with the NAB investigation team and his assets have been frozen while his name was put on the no-fly list, confirmed the sources.
He was in hiding ever since the high court denied him bail yesterday and the team followed him to an F-8/2 house, according to the source inside NAB privy to the case matter.
In the last hearing in Islamabad High Court (IHC), the interim bail of Saif-ur-Rehman was rejected by the court, after which he was arrested.
Jamil-ur-Rehman, the NAB officer investigating this case, had presented records before the Islamabad High Court (IHC) and Muzaffar requested the court to reject Khan’s bail application.
