NAB arrests Saif-ur-Rehman in Mudaraba fraud case

ISLAMABAD: The National Accountability Bureau (NAB) has arrested B4U Group CEO Saif-ur-Rehman in the Mudaraba fraud case, ARY News reported on Monday.  

Saif-ur-Rehman Rehman was arrested by the NAB while on way to Supreme Court after the Islamabad High Court (IHC) had rejected his bail plea.

According to the National Accountability Bureau (NAB), B4U company is accused of cheating the public at large in the name of investment for which Pakistan’s Securities and Exchange Commission has already slapped a Rs4 billion fine. Neither the company has any physical businesses nor any licence from the central bank.

As per NAB’s record, Rs11 billion were taken from the public through social media, which were found in as many as 26 bank accounts run by the company and further investigations are underway to calculate the total amount held by the company in other accounts.

In the last hearing in Islamabad High Court (IHC), the interim bail of Saif-ur-Rehman was rejected by the court, after which his arrest was made today.

Jamil-ur-Rehman, the National Accountability Bureau (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.