B4U Global Company: Names of owners included in ECL over alleged fraud

According to details, in times when the economic conditions around the world are at stake due to coronavirus pandemic, a company named B4U Global entered Pakistani market with a big offer.

The owner of B4U Global, Saif-ur-Rehman Khan Niazi claimed that his company pays its investors up to two and half sum of yearly profit.  

It was further claimed that the company will benefit you by investing in various businesses related to property, business, Information Technology (IT) and auto industry. This profit is guaranteed no matter how much the economy has been in decline.

Recently, a major public fraud in the name of this investment has come to light and action has been taken by National Accountability Bureau (NAB). The names of the owners of the company called B4U have been included in ECL in a case of massive public fraud. At the request of the accountability bureau, names of Saif-ur-Rehman and his son Ahmar were added to the ECL on April 13. As per notification, the accused were encouraging people to invest in illegal businesses.

NAB Rawalpindi has started investigation against Saif-ur-Rehman and others while he has been granted interim bail by the Islamabad High Court (IHC) till May 20. In this regard, the court also sought a reply from the NAB, after which the anti-corruption watchdog has submitted the details of investigation report, which includes full details of the company's investment.

The preliminary investigation has revealed that so far illegal investments of up to Rs 119 billion have been made and the fraud victims have been asked by accountability bureau to contact NAB Rawalpindi.

The NAB said that fraud by the accused was also pointed out by the Securities & Exchange Commission of Pakistan (SECP). The Pakistan Supreme Court (SC) has also declared all those companies illegal that are not certified by the SECP.

The reply filed by NAB in the court following initial investigation, NAB has so far come to the conclusion that all the companies they have declared are running at a loss and the money is being shown in terms of staff salaries.

NAB has stated that people have been directly affected by this scam and has put forward the option of plea-bargain to save victims from a long trial. The anti-corruption watchdog has also made it clear that it is a fraudulent company and the victims' money will be refunded.

The NAB has also asked the High Court to suspend interim bail of B4U owners, while freezing all accounts of Saifullah Niazi and others for recovery. As per local media, the company has also been declared a fraud in Malaysia and Saifullah Niazi came to Pakistan and started the business after allegedly committing fraud in Malaysia. Fraud from B4U Company and other subsidiaries has also come to light.

Courtesy: Samaa TV