ISLAMABAD: The National Accountability Bureau (NAB) on Friday has filed a reference against B4U Group and its sponsors for raising illegal deposits from the public and operating pyramid schemes, in violation of the Companies Act, 2017, ARY News reported.
As per details, the owner of the B4U has been named as the main suspect in the reference filed by NAB Rawalpindi, while six others including Niazi’s wife and sons have also been named in the reference.
According to reference, the suspects collected illegal investments of Rs16 billion by deceiving the masses. NAB said group CEO Rehman made 20 companies work for his fraud scheme and cheated 400,000 people using 56 different bank accounts.
Read more: NAB arrests Saif-ur-Rehman in Mudaraba fraud case
The suspects were even not holding licences for collecting money for investment purposes, the reference said and added that the suspects showed their investment company as legal and looted the investment of the masses.
The reference further said, despite the fact that not a single company of the accused was reflecting profit, they offered gains of about 7 to 20 per cent to attract masses and gain their capital.
Earlier, the sources had claimed that Saifur 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.
