B4U scam affectees get relief from NAB

ISLAMABAD: The National Accountability Bureau (NAB) Rawalpindi has initiated the major phase to provide compensation in the B4U scam case, distributing cheques to 17,500 victims, ARY News reported.

The compensation distribution took place in a formal ceremony held at the NAB Headquarters in Islamabad

NAB Chairman Lt. Gen (Retd.) Nazir Ahmed, senior authorities, and affected members of the public were present at the event.

The B4U scam, Pakistan’s largest Ponzi scheme in history, includes the accumulation of billions of rupees from citizens under the fake promise of a 7% monthly return on investments.

NAB, in an official statement, mentioned that the bureau successfully found and froze 56 bank accounts, properties, and other assets linked to the main accused.

After legal proceedings, Rs 7.3 billion have been recovered, and in the first phase, the Rs 3.7 billion amount is now being disbursed.

According to the stats, in the initial phase, out of the 17,500 victims, 10,000 have received full compensation, 7,500 victims are currently receiving 40% of their dues, while the remaining 60% will be paid in the coming six months following the auction of seized properties.

Chairman NAB Lt. Gen (Retd.) Nazir Ahmed highlighted that the bureau is committed to restoring public trust and ensuring swift compensation.

He also announced that future compensation will be transferred to B4U scam victims’ bank accounts directly, eradicating the need for physical visits to NAB offices.

This milestone shows that NAB is committed to taking on important public cases and is determined to get back money that was stolen by conducting thorough investigations and legal actions.

Read More: NAB publishes half-yearly performance report

Earlier, the National Accountability Bureau (NAB) has released its performance report for the first six months of the year, revealing record recoveries and significant asset returns, ARY News reported.

According to reports, from April to June alone, NAB recovered Rs 456.3 billion. In the first two quarters combined, the total recoveries amounted to Rs 547.31 billion.