NAB Files Reference Against Infamous Group For Looting Billions from the Public

The National Accountability Bureau (NAB) has filed a reference against the infamous B4U Group and its sponsors for raising illegal deposits from the public and operating pyramid schemes in violation of the Companies Act 2017.

NAB Rawalpindi has named the CEO of B4U Group, Saif-ur-Rahman Niazi, as prime accused while six individuals including the CEO’s wife and sons have been named as co-accused.

According to the reference, B4U Group, which consisted of 18 incorporated companies and 5 unincorporated companies, siphoned Rs. 16 billion from 400,000 investors using over 50 bank accounts.

The group didn’t hold any license for raising money for investment but tricked the masses by presenting the companies operating under it as legally registered entities.

None of the incorporated and unincorporated companies made any profit, but the group lured the unsuspecting individuals by offering them returns of up to 20%, the reference added.

Last year in June, the Securities and Exchange Commission of Pakistan (SECP) had also initiated proceedings against the group and imposed an aggregate penalty of Rs. 4 billion on it.